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Evaluations of infinite utility streams: Pareto efficient and egalitarian axiomatics. (English) Zbl 1283.91061

Summary: This investigation focuses on the aggregation of infinite utility streams by social welfare functions. We analyze the possibility of combining Pareto-efficiency and Hammond equity principles when the feasible utilities for each generation are \([0,1]\) and the natural numbers. In the latter case, the Hammond equity ethics can be combined with non-trivial specifications of the Pareto postulate, even through anonymous social welfare functions. As a consequence, any evaluation of infinite utility streams that verifies a mild specification of the Paretian axiom must exert some interference on the affairs of particular generations.

MSC:

91B16 Utility theory
91B15 Welfare economics
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