Ordering Infinite Utility Streams: Efficiency, Continuity, and No Impatience

20 Pages Posted: 6 Mar 2014 Last revised: 8 Oct 2014

See all articles by José Carlos R. Alcantud

José Carlos R. Alcantud

University of Salamanca

Ram Sewak Dubey

Montclair State University - The Feliciano School of Business, Department of Economics

Date Written: September 30, 2014

Abstract

We study two related versions of the no-impatience postulate in the context of transitive and reflexive relations on infinite utility streams which are not necessarily complete. Both are excluded by the traditional (weak) anonymity axiom. We show explicit social welfare relations satisfying Strong Pareto and the weaker version of no-impatience that are compatible with continuity in all the traditional topologies in this field. However the stronger version of no-impatience is violated by all lower semi-continuous (in the sup or Campbell topologies) social welfare relations satisfying the Weak Pareto.

Keywords: Continuous social welfare relations, Infinite utility streams, Multi-utility representation, No Impatience, Richter-Peleg representation

JEL Classification: D70, D90

Suggested Citation

Alcantud, José Carlos R. and Dubey, Ram Sewak, Ordering Infinite Utility Streams: Efficiency, Continuity, and No Impatience (September 30, 2014). Mathematical Social Sciences, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2404912 or http://dx.doi.org/10.2139/ssrn.2404912

José Carlos R. Alcantud

University of Salamanca ( email )

Campus Miguel de Unamuno
ES-37007 Salamanca, Salamanca 23007
Spain

Ram Sewak Dubey (Contact Author)

Montclair State University - The Feliciano School of Business, Department of Economics ( email )

538, Feliciano School of Business,
1 Normal Ave
Upper Montclair, NJ 07043
United States
973-655-7778 (Phone)
973-655-7629 (Fax)

HOME PAGE: http://www.montclair.edu/~dubeyr

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