A New Equity Condition for Infinite Utility Streams and the Possibility of being Paretian

Geir Asheim, Tapan Mitra and Bertil Tungodden

Chapter 4 in Intergenerational Equity and Sustainability, 2007, pp 55-68 from Palgrave Macmillan

Abstract: Abstract This chapter investigates the properties of a new equity condition for infinite utility streams. The condition, which was introduced in Asheim and Tungodden (2004a), is Hammond Equity for the Future (henceforth referred to as HEF), and it captures the following ethical intuition: A sacrifice by the present generation leading to a uniform gain for all future generations cannot lead to a less desirable utility stream if the present remains better off than the future even after the sacrifice.

Keywords: Equity Condition; Social Preference; Social Welfare Function; Norm Topology; Impossibility Result (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/9780230236769_4

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