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Intergenerational equity and an explicit construction of welfare criteria

  • Sakai, Toyotaka

Ranking infinite utility streams includes many impossibility results, most involving certain Pareto, anonymity, or continuity requirements. We introduce the concept of the future agreement extension, a method that explicitly extends orderings on finite time horizon to an infinite time horizon. The future agreement extension of given orderings is quasi-transitive, complete, and pairwisely continuous. Furthermore, it is a subrelation of any other pairwisely continuous extension of the orderings. In case of anonymous and strongly Paretian orderings, their future agreement extension is variable step anonymous and strongly Paretian. Characterizations of the future agreement extensions of the utilitarian and leximin orderings are obtained as applications.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/15913/1/pie_dp395.pdf
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Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series PIE/CIS Discussion Paper with number 395.

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Length: 22 p.
Date of creation: Aug 2008
Date of revision:
Handle: RePEc:hit:piecis:395
Note: August 19, 2008
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  1. Sakai, Toyotaka, 2010. "A characterization and an impossibility of finite length anonymity for infinite generations," Journal of Mathematical Economics, Elsevier, vol. 46(5), pages 877-883, September.
  2. Chiaki Hara & Tomoichi Shinotsuka & Kotaro Suzumura & Yongsheng Xu, 2008. "Continuity and egalitarianism in the evaluation of infinite utility streams," Social Choice and Welfare, Springer, vol. 31(2), pages 179-191, August.
  3. Alcantud, José Carlos R. & García-Sanz, María D., 2010. "Evaluations of infinite utility streams: Pareto-efficient and egalitarian axiomatics," MPRA Paper 20133, University Library of Munich, Germany.
  4. Geir B, ASHEIM & Claude, D’ASPREMONT & Kuntal, BANERJEE, 2008. "Generalized time-invariant overtaking," Discussion Papers (ECON - Département des Sciences Economiques) 2008044, Université catholique de Louvain, Département des Sciences Economiques.
  5. Fleurbaey, Marc & Michel, Philippe, 2001. "Transfer principles and inequality aversion, with an application to optimal growth," Mathematical Social Sciences, Elsevier, vol. 42(1), pages 1-11, July.
  6. Suzumura, Kataro, 1976. "Remarks on the Theory of Collective Choice," Economica, London School of Economics and Political Science, vol. 43(172), pages 381-90, November.
  7. Basu, Kaushik & Mitra, Tapan, 2005. "On the Existence of Paretian Social Welfare Relations for Infinite Utility Streams with Extended Anonymity," Working Papers 05-06, Cornell University, Center for Analytic Economics.
  8. Kamaga, Kohei & Kojima, Takashi, 2008. "Q-anonymous social welfare relations on infinite utility streams," PIE/CIS Discussion Paper 391, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  9. Kamaga, Kohei & Kojima, Takashi, 2008. "On the leximin and utilitarian overtaking criteria with extended anonymity," PIE/CIS Discussion Paper 392, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  10. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July.
  11. FLEURBAEY, Marc & MICHEL, Philippe, 1997. "Intertemporal equity and the extension of the Ramsey criterion," CORE Discussion Papers 1997004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Brown, Donald J & Lewis, Lucinda M, 1981. "Myopic Economic Agents," Econometrica, Econometric Society, vol. 49(2), pages 359-68, March.
  13. Toyotaka Sakai, 2003. "An axiomatic approach to intergenerational equity," Social Choice and Welfare, Springer, vol. 20(1), pages 167-176.
  14. Luc Lauwers, 1997. "Continuity and equity with infinite horizons," Social Choice and Welfare, Springer, vol. 14(2), pages 345-356.
  15. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, vol. 24(1), pages 221-230, 07.
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