Utilitarianism on infinite utility streams: summable differences and finite averages

Adam Jonsson () and Mark Voorneveld ()
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Adam Jonsson: Luleå University of Technology
Mark Voorneveld: Stockholm School of Economics

Economic Theory Bulletin, 2015, vol. 3, issue 1, No 3, 19-31

Abstract: Abstract This paper provides axiomatic descriptions of social welfare relations, defined on infinite streams of utility, that are consistent with the utilitarian criterion on subsets where maximizing aggregate utility has a clear interpretation: the streams, or their differences, are summable. Besides standard assumptions on efficiency, equity and interpersonal comparability, two axioms are introduced and shown to be necessary and sufficient. A more general version of one axiom suffices to distinguish streams with different long-run averages.

Keywords: Intergenerational equity; Aggregating infinite utility streams; Ethical social welfare relations (search for similar items in EconPapers)
JEL-codes: D63 D70 D90 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s40505-014-0056-2

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