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This paper presents an infinite-horizon version of intergenerational utilitarianism that is both satisfactorily … complete and consistent. By studying discounted utilitarianism as the discount factor tends to one, we obtain a welfare … criterion --- limit-discounted utilitarianism --- that combines efficiency and the equal treatment of generations with …
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This paper provides axiomatic descriptions of social welfare relations, defined on infinite streams of utility, that are consistent with the utilitarian criterion on subsets where maximizing aggregate utility has a clear interpretation: the streams, or their differences, are summable. Besides...
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The paper reexamines the welfare economics of intergenerational risk. Risk and its resolution over time are modeled as a decision tree: in each period, the consumption of the current one-period living generation is to be traded-off against uncertain benefits of future generations; as time...
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