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On the impossibility of representing infinite utility streams. (English) Zbl 1159.91010
Summary: We introduce a new Pareto-type criterion for social welfare functions over infinite utility streams that is not necessarily sensitive to increments in just a finite number of components. We show that there is no social welfare function that satisfies both this criterion and Diamond’s equity condition simultaneously. With our result, we extend the impossibility theorem of Basu and Mitra. Moreover, we show that, even under a weaker version of equity related to Zame’s intergenerational equity condition, the impossibility results are obtained as well.

MSC:
91B14 Social choice
91B16 Utility theory
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