In this paper, we study intertemporal social welfare evaluations when agents have heterogeneous preferences that are interpersonally noncomparable. We first show that even if all agents share the same preferences, there is a conflict between the axioms of Pareto principle, time consistency, and...

In a simple model where agents have ordinal and interpersonally noncomparable subjective expected utility preferences over uncertain future incomes, we analyze the implications of equity, efficiency, separability, and social rationality. Our efficiency conditions are fairly weak, because there...

In this paper, we study intertemporal social welfare evaluations when agents may have heterogeneous time preferences. We first show that, even if all agents share the time preference, there exists a conflict between efficiency in the sense of Pareto principle, time consistency, and equity...