Infinite horizon allocation with consumption-dependent utility
We consider an economy in which there is an infi nite stream of pies, each of size one, one in every period. For each agent, the per-period utility function, which is de fined on that period's consumption, is determined by the previous period's consumption. We describe speci fications of this model for which no symmetric, efficient, and monotonic way to allocate pies exists.
|Date of creation:||18 Oct 2012|
|Date of revision:||18 Oct 2012|
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