# Intergenerational anonymity as an alternative to the discounted- sum criterion in the calculus of optimal growth I: Consensual optimality

*Mohamed Mabrouk* ()

GE, Growth, Math methods from University Library of Munich, Germany

**Abstract:**
The objective of this work is to try to define and calculate the optimal growth path, in the presence of exogenous technical change, without resorting to the discounted-sum criterion. The solution suggested is to consider an optimality criterion expressing an anonymous intergenerational consensus. The partial characterization of consensual optimality was made possible thanks to the decomposition of the dual of the space of sub-geometric sequences of reason p. The main finding is a relation between the marginal rate of substitution between bequest and heritage and the growth rate, relation which is a necessary condition for consensual optimality. The necessary study of the Pareto-optimality of the consensual optimum is the subject of a forthcoming paper « Intergenerational anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth II: Pareto-optimality and some economic interpretations »

**Keywords:** Intergenerational anonymity; Intergenerational equity; Optimal growth; Technical change; Time-preference; Discounted-sum criterion; Consensual criterion; OG economy (search for similar items in EconPapers)

**JEL-codes:** C61 D63 D71 D90 O30 O41 (search for similar items in EconPapers)

**Pages:** 35 pages

**Date:** 2005-10-31

**Note:** Type of Document - pdf; pages: 35

**References:** View references in EconPapers View complete reference list from CitEc

**Citations:** View citations in EconPapers (1)

**Downloads:** (external link)

https://econwpa.ub.uni-muenchen.de/econ-wp/ge/papers/0510/0510013.pdf (application/pdf)

**Related works:**

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:wpa:wuwpge:0510013

Access Statistics for this paper

More papers in GE, Growth, Math methods from University Library of Munich, Germany

Bibliographic data for series maintained by EconWPA ().