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This paper complements research on how love of wealth bears on key variables in a Ramsey-Cass-Koopmans growth framework. It is shown that for an optimum the social planner cannot have an excessive love of wealth. If the planner has the "right" love of wealth an optimum exists and implies higher...
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infinite utility streams which are not necessarily complete. Both are excluded by the traditional (weak) anonymity axiom. We …
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admit subjective expected utility (SEU) representations, and furthermore the social planner is a utilitarian. The social … utility function is the sum of the individual utility functions. In these SEU representations, the utility functions take …
Persistent link: https://www.econbiz.de/10013405565
This paper complements research on how love of wealth bears on key variables in a Ramsey-Cass-Koopmans growth framework. It is shown that for an optimum the social planner cannot have an excessive love of wealth. If the planner has the 'right' love of wealth an optimum exists and implies higher...
Persistent link: https://www.econbiz.de/10010482448
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theory are either context dependent or subject to unreasonable restrictions. This is the real source of the diverse … "paradoxes of voting" that would better be termed "voting pathologies". The theory leads me to advocate what I term evaluative …
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