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On the impossibility of representing infinite utility streams

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URI: http://hdl.handle.net/10016/5477
ISSN: 1432-0479
DOI: 10.1007/s00199-008-0364-6
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imposibility_nunez_ET_2009_ps.pdf (558.58 KB)
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2009
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Springer
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Abstract
We introduce a new Pareto-type criterion for social welfare functions over infinite utility streams that is not necessarily sensitive to increments in just a finite number of components. We show that there is no social welfare function that satisfies both this criterion and Diamond's equity condition simultaneously. With our result, we extend the impossibility theorem of Basu and Mitra. Moreover, we show that, even under a weaker version of equity related to Zame's intergenerational equity condition, the impossibility results are obtained as well.
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The original publication is available at www.springerlink.com
Keywords
Social welfare function, Intergenerational equity, Pareto axiom, Overtaking criterion
Bibliographic citation
Economic Theory. 2009, vol 40, nº 1, p. 47-56
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