Aggregating infinite utility streams with inter-generational equity
By: Kaushik Basu [and] Tapan Mitra
Contributors: Mitra, Tapan, 1948-; Massachusetts Institute of Technology. Dept. of Economics
Series: Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 02-19; Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 02-19.
Publisher: Massachusetts Institute of Technology, Dept. of Economics
Published: 2002
Place of publication: Cambridge, MA
Language: eng
Number of pages: 23
Description: It has been known that, in aggregating infinite utility streams, there does not exist any social welfare function, which satisfies the axioms of Pareto, inter-generational equity and continuity. We show that the impossibility result persists even without imposing the continuity axiom. Hence, the problem of accommodating inter-generational equity is more obstinate than previously supposed. The paper goes on to explore the scope for obtaining possibility results by weakening the Pareto axiom and placing restrictions on the domain of utilities. Keywords: aggregating utility, social welfare function, inter-generational equity, Pareto. JEL Classification: D00, D70, D90.
Notes: "April 26, 2002."

Includes bibliographical references (p. 22-23).

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