Llavador, Humberto; Roemer, John E.; Silvestre, Joaquim - In: Journal of Mathematical Economics 46 (2010) 5, pp. 728-761
Let there be a positive (exogenous) probability that, at each date, the human species will disappear. We postulate an Ethical Observer (EO) who maximizes intertemporal welfare under this uncertainty, with expected-utility preferences. Various social welfare criteria entail alternative von...