Possibility Theorems for Aggregating Infinite Utility Streams Equitably

Abstract

The standard route for aggregating infinite utility streams using a real-valued representation runs into well-known difficulties as soon as we insist on the axiom of inter-generational equity. The aim of this paper is to explore what is feasible without abandoning this axiom. The paper focusses its attention on the Pareto axiom and domain restrictions. It turns out that once we weaken these requirements, realvalued aggregation becomes possible in a variety of ways (though, of course, impossibility results lurk everywhere). By establishing a series of results, this paper tries to chalk out the frontier between what is possible and what is not.