Miyagishima, Kaname - In: Theoretical economics : TE ; an open access journal in … 18 (2023) 3, pp. 941-964
axioms of Pareto principle, time consistency, and equity requiring society to reduce inequality regardless of the past. We … argue that responsibility for past choices should be taken into account and, thus, the equity axiom is not compelling. Then … we introduce another form of equity that takes the past into consideration and is compatible with time consistency. Using …