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- Title
EQUITY AMONG GENERATIONS.
- Authors
Svensson, Lars-Gunnar
- Abstract
Normally the objective functions used in optimal growth theory either treat present generations more favorably than future ones or give an incomplete ranking of possible welfare distributions. The problem is the infinite horizon. In this paper we analyze the conditions under which it is possible to treat a countably infinite number of generations equally. The existence of equitable objective functions or preferences, giving a complete ranking of possible welfare distributions, is proved.
- Subjects
DISTRIBUTION (Economic theory); WELFARE economics; PUBLIC goods; PARETO optimum; CONSUMPTION (Economics); ECONOMICS; DISTRIBUTION (Probability theory); GENERATIONS; THEORY
- Publication
Econometrica, 1980, Vol 48, Issue 5, p1251
- ISSN
0012-9682
- Publication type
Article
- DOI
10.2307/1912181