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Utilitarianism for infinite utility streams: Summable differences and finite averages
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Utilitarianism for infinite utility streams: Summable differences and finite averages

Mark Voorneveld
747
SSE/EFI Working Paper Series in Economics and Finance, 747, Stockholm School of Economics (SSE)
2014

Abstract

intergenerational equity aggregating infinite utility streams ethical social welfare relations D63 D70 D90
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.
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