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The MBR intertemporal choice criterion and Rawls’ just savings principle

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Listed:
  • Charles Figuières

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université - EHESS - École des hautes études en sciences sociales)

  • Ngo Van Long

    (Department of Economics [Montréal] - McGill University)

  • Mabel Tidball

    (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UM3 - Université Paul-Valéry - Montpellier 3 - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier)

Abstract

This paper provides general theorems about the control that maximizes the mixed Bentham–Rawls (MBR) criterion for intergenerational justice, which was introduced in Alvarez-Cuadrado and Long (2009). We establish sufficient concavity conditions for a candidate trajectory to be optimal and unique. We show that the state variable is monotonic under rather weak conditions. We also prove that inequality among generations, captured by the gap between the poorest and the richest generations, is lower when optimization is performed under the MBR criterion rather than under the discounted utilitarian criterion. A quadratic example is also used to perform comparative static exercises: it turns out, in particular, that the larger the weight attributed to the maximin part of the MBR criterion, the better-off the less fortunate generations. All those properties are discussed and compared with those of the discounted utilitarian (DU, Koopmans 1960) and the rank-discounted utilitarian (RDU, Zuber and Asheim, 2012) criteria. We contend they are in line with some aspects of the rawlsian just savings principle.

Suggested Citation

  • Charles Figuières & Ngo Van Long & Mabel Tidball, 2017. "The MBR intertemporal choice criterion and Rawls’ just savings principle," Post-Print hal-01505772, HAL.
  • Handle: RePEc:hal:journl:hal-01505772
    DOI: 10.1016/j.mathsocsci.2016.10.009
    Note: View the original document on HAL open archive server: https://hal-amu.archives-ouvertes.fr/hal-01505772
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    Cited by:

    1. Hartwick, John M. & Long, Ngo Van, 2018. "Sustainability with endogenous discounting when utility depends on consumption and amenities," Mathematical Social Sciences, Elsevier, vol. 95(C), pages 31-36.

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    Keywords

    Economie quantitative;

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