Social Welfare Orderings: A Life-Cycle Perspective

Ramses H. Abul Naga

Economica, 2005, vol. 72, issue 3, pages 497-514

Abstract: Life-cycle theories emphasize the fact that consumption is allocated intertemporally, on the basis of a long-term concept of resources that differs from household income. Because life-cycle income is unobserved, the distribution of this variable cannot be recovered. It is shown that, within a suitably defined class, a predictor of life-cycle income based on household income and expenditure entails a distribution dominated in a social welfare sense by the distribution of life-cycle incomes. A predictor constructed from socio-demographic variables induces a distribution that welfare-dominates the distribution of life-cycle incomes. Copyright (c) The London School of Economics and Political Science 2005.

Date: 2005
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Working Paper: Social Welfare Orderings: A Life-Cycle Perspective (2001)
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