We analyze infinite-horizon choice functions within the setting of a simple technology. Efficiency and time consistency are characterized by stationary consumption and inheritance functions, as well as a transversality condition. In addition, we consider the equity axioms Suppes-Sen,...

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We examine the effects of third-party clearinghouses that license intellectual property on behalf of inventors when downstream uses of IP require licenses to multiple complementary innovations. We consider different simple clearinghouse royalty redistribution schemes, and different innovation...

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This paper studies a class of social welfare relations (SWRs) on the set of infinite utility streams. In particular, we examine the SWRs satisfying Q-Anonymity, an impartiality axiom stronger than Finite Anonymity, as well as Strong Pareto and a certain equity axiom. First, we characterize the...

This paper studies the extensions of the infinte-horizon variants of the leximin principle and utilitarianism on the set of infinite utility streams. We especially examine those extensions which satisfy the axiom of Preference-continuity (or Consistency) and the extended anonymity axiom called...