Bossert, Walter; Suzumura, Kotaro - Center for Intergenerational Studies, Institute of … - 2008
Ferejohn and Page transplanted a stationarity axiom from Koopmans' theory of impatience into Arrow's social choice theory with an infinite horizon and showed that the Arrow axioms and stationarity lead to a dictatorship by the first generation. We prove that the negative implications of their...