Intergenerational equity and an explicit construction of welfare criteria

Toyotaka Sakai ()

No 395, PIE/CIS Discussion Paper from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

Abstract: 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.

Keywords: Future agreement extension; Variable step anonymity; Intergenerational equity; Infinite generations; Diamond's impossibility theorem (search for similar items in EconPapers)
JEL-codes: D71 D63 D60 (search for similar items in EconPapers)
Date: 2008-08
Note: August 19, 2008
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Persistent link: http://EconPapers.repec.org/RePEc:hit:piecis:395

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