The axiomatic approach to the ranking of infinite streams

Luc Lauwers

Working Papers of Department of Economics, Leuven from KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven

Abstract: 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.

Date: 2014-03
References: Add references at CitEc
Citations:

Downloads: (external link)
https://lirias.kuleuven.be/bitstream/123456789/445541/1/DPS1407.pdf

Related works:
Chapter: The Axiomatic Approach to the Ranking of Infinite Streams (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ete:ceswps:ces14.07

Access Statistics for this paper

More papers in Working Papers of Department of Economics, Leuven from KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven
Bibliographic data for series maintained by library EBIB ().