Multi-Profile Intergenerational Social Choice
Ferejohn and Page transplanted a stationarity axiom from Koopmans’ theory of impatience into Arrow’s social choice theory with an infinite horizon and showed that the Arrow axioms and stationarity lead to a dictatorship by the first generation. We prove that the negative implications of their stationarity axiom are more far-reaching: there is no Arrow social welfare function satisfying their stationarity axiom. We propose a more suitable stationarity axiom, and show that an Arrow social welfare function satisfies this modified version if and only if it is a lexicographic dictatorship where the generations are taken into consideration in chronological order.
|Date of creation:||2008|
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03-03, Cornell University, Center for Analytic Economics.
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