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Identifier to cite or link to this item: https://hdl.handle.net/10086/15825

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Title
Infinite-horizon choice functions
Creator
Creator Name
Asheim, Geir B. Asheim, Geir B.
Affiliation
Affiliation Name
University of Oslo
Creator Name
Bossert, Walter Bossert, Walter
Affiliation
Affiliation Name
Universit? de Montr?al
Creator Name
Sprumont, Yves Sprumont, Yves
Affiliation
Affiliation Name
Universit? de Montr?al
Creator Name
Suzumura, Kotaro Suzumura, Kotaro
スズムラ, コウタロウ スズムラ, コウタロウ
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
世代間問題研究プロジェクト（世代間問題の経済分析） = Economic Analysis of Intergenerational Issues, Project on Intergenerational Equity
Contributor Name
一橋大学経済研究所世代間問題研究機構 = Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University
Key Word
Intergenerational resource allocation
infinite-horizon choice
JEL
D63
D71
Abstract
We analyze infinite-horizon choice functions within the setting of a simple technology. Efficiency and time consistency are characterized by stationary consumption and inheritance functions, as well as a transversality condition. In addition, we consider the equity axioms Suppes-Sen, Pigou-Dalton, and resource monotonicity. We show that Suppes-Sen and Pigou-Dalton imply that the consumption and inheritance functions are monotone with respect to time - thus justifying sustainability - while resource monotonicity implies that the consumption and inheritance functions are monotone with respect to the resource. Examples illustrate the characterization results.
Description
This version: January 23, 2008
An earlier version of the paper was presented at Seoul National University, Victoria University of Wellington, the University of Auckland, the 2005 polarization and conflict conference in Milan, the 2006 workshop on intergenerational resource allocation in Montr?al and the University of New South Wales.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2008-06
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
PIE/CIS Discussion Paper ; No. 379
Relation
Related Identifier
URI
  http://cis.ier.hit-u.ac.jp/English/
Related Identifier
URI
  http://www.ier.hit-u.ac.jp/pie/stage2/Japanese/
Number of Pages
23
Sponsorship
科学研究費補助金（特別推進研究） = Grant-in-Aid for Specially Promoted Research
Appears in Collections
PIE/CIS Discussion paper
URL
https://hdl.handle.net/10086/15825