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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...
Persistent link: https://www.econbiz.de/10010467848
We confront two common objections to Harsanyi's impartial observer theorem; one to do with 'fairness', and the other to do with different individuals' having different attitudes toward risk. Both these objections can be accommodated if we drop the reduction axiom; in particular, if we...
Persistent link: https://www.econbiz.de/10001763119
Persistent link: https://www.econbiz.de/10012779382
We address a basic diffculty with incorporating fairness into standard utilitarian choice theories. Standard utilitarian theories evaluate lotteries according to the (weighted) utility over ?nal outcomes and assume in particular that a lottery is never preferred over getting the most preferred...
Persistent link: https://www.econbiz.de/10003909311
of selfishness and a notion of justice. The theory was tested using dictator, social planner, and veil of ignorance … experiments. Here we analyse gender differences in preferences for giving and notions of justice in experiments using the same … differences in the notion of justice between men and women; women tend to be far more egalitarian. Using our preference …
Persistent link: https://www.econbiz.de/10011339883
of selfishness and a notion of justice. The theory was tested using dictator, social planner, and veil of ignorance … experiments. Here we analyse gender differences in preferences for giving and notions of justice in experiments using the same … differences in the notion of justice between men and women; women tend to be far more egalitarian. Using our preference …
Persistent link: https://www.econbiz.de/10011327335
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 …
Persistent link: https://www.econbiz.de/10010258772
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...
Persistent link: https://www.econbiz.de/10010258774
(intergenerational equity), using a common framework generalizing the discounted expected utilitarianism approach. We propose a general …
Persistent link: https://www.econbiz.de/10011622070
in a wide range, while Relative Utilitarianism implies it equals the growth rate of real per-capita consumption …
Persistent link: https://www.econbiz.de/10014054110