On the Extension of the Utilitarian and Suppes–Sen Social Welfare Relations to Infinite Utility Streams

Banerjee, Kuntal

doi:10.1007/s00355-006-0135-x

Cited by 28 publications

(35 citation statements)

References 11 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…(i) Under interpretation (i), statement (5) is sometimes called monotonicity, while Π fin -invariance implies no time preferences. In this case, u is a single-period utility function for the individual or population in question, and Theorem 2 is comparable to recent characterizations of 'intertemporal utilitarianism' by Banerjee (2006) and Basu and Mitra (2007) (see §5.2 for more details). Meanwhile, Theorem 3 is similar to Theorem 5 of Fleurbaey and Michel (2003).…”

supporting

confidence: 63%

“…Formally, for any x, y ∈ X I , we have x u c y iff there exists T 0 ∈ N such that Clearly, (x u o y) =⇒ (x u c y). However, as observed by Banerjee (2006;§5), both ( u c ) and ( u o ) are rather incomplete. Furthermore, their definitions clearly depend on the ordering of N, which is appropriate for intertemporal choice, but somewhat dubious for interpretations (ii) and (iii).…”

Section: Intertemporal and Intergenerational Choicementioning

confidence: 61%

“…This (incomplete) social welfare order is characterized by Basu and Mitra (2007; Theorem 1). Banerjee (2006;§4) characterizes an extension of the Basu-Mitra relation where u and/or v can be transformed by some admissible permutation prior to comparison. Unlike Lauwer's medial limit order, the Basu-Mitra-Banerjee preorder satisfies the strong Pareto condition (5); however, it is quite incomplete.…”

Section: Intertemporal and Intergenerational Choicementioning

confidence: 99%

“…Unlike Lauwer's medial limit order, the Basu-Mitra-Banerjee preorder satisfies the strong Pareto condition (5); however, it is quite incomplete. Furthermore, both Basu and Mitra (2007) and Banerjee (2006) use an axiom of 'partial translation scale invariance' to make utility cardinal and interpersonally comparable. (Likewise, Lauwer's (1998) characterization invokes linearity).…”

Section: Intertemporal and Intergenerational Choicementioning

confidence: 99%

“…Meanwhile, Theorem 3 is similar to Theorem 5 of Fleurbaey and Michel (2003). These models all assume X = R (with standard ordering) and I = N. Banerjee (2006) and Basu and Mitra (2007) do not utilize the ordering of N, but Fleurbaey and Michel's (2003) * R-valued SWF on R N does: it is defined in terms of sums over the sets [1 . .…”

mentioning

confidence: 99%

See 4 more Smart Citations

Additive representation of separable preferences over infinite products

Pivato

2013

Theory Decis

View full text Add to dashboard Cite

supporting

confidence: 63%

Section: Intertemporal and Intergenerational Choicementioning

confidence: 61%

Section: Intertemporal and Intergenerational Choicementioning

confidence: 99%

Section: Intertemporal and Intergenerational Choicementioning

confidence: 99%

mentioning

confidence: 99%

See 3 more Smart Citations

Additive representation of separable preferences over infinite products

Pivato

2013

Theory Decis

View full text Add to dashboard Cite

Intergenerational Equity, Efficiency, and Constructibility

Lauwers

2016

The Economics of the Global Environment

View full text Add to dashboard Cite

Global environmental issues-like biodiversity conservation or climate change -are in reality long term issues that are not properly taken into account with traditional models that incorporate the impatience axiom manifested in fixed discount factors and in the use of present discounted utility criteria. When both the short and the very long run are important, one can appeal to overtaking criteria and Chichilnisky criteria. Unfortunately, overtaking criteria are highly incomplete. In order to decrease this incompleteness, stronger anonymity (or equity) axioms were developed. I show that a maximal anonymity axiom compatible with Pareto is a non-constructible object; its existence relies on the Axiom of Choice. The Chichilnisky criterion is based upon two axioms: non dictatorship of the present and non dictatorship of the future. Here, the very long run is captured by a finitely additive measure. Such a measure is a nonconstructible object and has therefore no explicit description.

show abstract

The Axiomatic Approach to the Ranking of Infinite Streams

Lauwers

2016

The Economics of the Global Environment

View full text Add to dashboard Cite

The history of the axiomatic approach to the ranking of infinite streams starts with Koopmans' (1960) characterization of the discounted utilitarian rule. This rule, however, meets Chichilnisky's axiom of dictatorship of the present and puts future generations offside. Recently, Lauwers (2010a) and Zame (2007) have uncovered the impossibility to combine in a constructible way the requirements of equal treatment, sensitivity, and completeness. This contribution presents and discusses different axioms proposed to guide the ranking of infinite streams and the criteria they imply. The literature covered in this overview definitely points towards a set of meaningful alternatives to discounted utilitarianism. JEL Classification Number: D71, D81. 1 In his review on intergenerational equity, Asheim (2010, section 3.2) coins this result as the Lauwers-Zame impossibility theorem. 2 I want to mention already here that the combination of continuity with respect to the sup-topology and representability does not guarantee that the ranking rule is constructible. The other way around, the representation of a non-constructible ordering, is in itself a non-constructible object.

show abstract

On the Extension of the Utilitarian and Suppes–Sen Social Welfare Relations to Infinite Utility Streams

Cited by 28 publications

References 11 publications

Additive representation of separable preferences over infinite products

Additive representation of separable preferences over infinite products

Intergenerational Equity, Efficiency, and Constructibility

The Axiomatic Approach to the Ranking of Infinite Streams

Contact Info

Product

Resources

About