Artikel
The limit of discounted utilitarianism
This paper presents an infinite-horizon version of intergenerational utilitarianism. By studying discounted utilitarianism as the discount factor tends to one, we obtain a new welfare criterion: limit-discounted utilitarianism (LDU). We show that LDU meets the standard assumptions of efficiency, equity, and interpersonal comparability, but allows us to compare more pairs of utility streams than commonly used utilitarian criteria, including the overtaking criterion and the catching-up criterion. We also introduce a principle of compensation for postponements of utility streams and use it to characterize the LDU criterion on a restricted domain.
- Language
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Englisch
- Bibliographic citation
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Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 13 ; Year: 2018 ; Issue: 1 ; Pages: 19-37 ; New Haven, CT: The Econometric Society
- Classification
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Wirtschaft
Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Analysis of Collective Decision-Making: General
Micro-Based Behavioral Economics: General‡
- Subject
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Utilitarianism
intergenerational equity
time preference
- Event
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Geistige Schöpfung
- (who)
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Jonsson, Adam
Voorneveld, Mark
- Event
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Veröffentlichung
- (who)
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The Econometric Society
- (where)
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New Haven, CT
- (when)
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2018
- DOI
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doi:10.3982/TE1836
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
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Object type
- Artikel
Associated
- Jonsson, Adam
- Voorneveld, Mark
- The Econometric Society
Time of origin
- 2018
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