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The limit of discounted utilitarianism
LuleƄ University of Technology, Department of Engineering Sciences and Mathematics, Mathematical Science.ORCID iD: 0000-0001-7656-7271
Department of Economics, Stockholm School of Economics.
2017 (English)In: Theoretical Economics, ISSN 1933-6837, E-ISSN 1555-7561Article in journal (Refereed) In press
Abstract [en]

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.

Place, publisher, year, edition, pages
2017.
National Category
Probability Theory and Statistics
Research subject
Matemathical Statistics
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URN: urn:nbn:se:ltu:diva-62081OAI: oai:DiVA.org:ltu-62081DiVA: diva2:1075450
Available from: 2017-02-20 Created: 2017-02-20 Last updated: 2017-11-29

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