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Full-Text Articles in Economics
Combining Monotonicity And Strong Equity: Construction And Representation Of Orders On Infinite Utility Streams, Ram Dubey, Tapan Mitra
Combining Monotonicity And Strong Equity: Construction And Representation Of Orders On Infinite Utility Streams, Ram Dubey, Tapan Mitra
Department of Economics Faculty Scholarship and Creative Works
This paper studies the nature of social welfare orders (SWO) on infinite utility streams, satisfying the efficiency principle known as monotonicity and the consequentialist equity principle known as strong equity. It provides a complete characterization of domain sets for which there exists such a SWO which is in addition representable by a real valued function. It then shows that for those domain sets for which there is no such SWO which is representable, the existence of such a SWO necessarily entails the existence of a non-Ramsey set, a non-constructive object.
Do All Constructive Strongly Monotone Inter-Temporal Orders Exhibit Impatience?, Kuntal Banerjee, Ram Dubey
Do All Constructive Strongly Monotone Inter-Temporal Orders Exhibit Impatience?, Kuntal Banerjee, Ram Dubey
Department of Economics Faculty Scholarship and Creative Works
In this paper we show that if a strongly monotone inter-temporal order exhibits no preference towards the advancement of timing of future utility on any infinite utility stream, then the existence of such an order must involve some non-constructive device.
Fleurbaey-Michel Conjecture On Equitable Weak Paretian Social Welfare Order, Ram Dubey
Fleurbaey-Michel Conjecture On Equitable Weak Paretian Social Welfare Order, Ram Dubey
Department of Economics Faculty Scholarship and Creative Works
The paper examines the problem of explicit description of a social welfare order over infinite utility streams, which respects anonymity and weak Pareto axioms. It provides a complete characterization of the domains of one period utilities, for which it is possible to explicitly describe a weak Paretian social welfare order satisfying the anonymity axiom. For domains containing any set of order type similar to the set of positive and negative integers, every equitable social welfare order satisfying the weak Pareto axiom is non-constructive. The paper resolves a conjecture by Fleurbaey and Michel (2003) that there exists no explicit (that is, …