We propose generalized versions of strong equity and Pigou-Dalton transfer principle. We study the existence and the real valued representation of social welfare relations satisfying these two generalized equity principles. Our results characterize the restrictions on one period utility domains...

This paper examines the representation and explicit description of social welfare orders on infinite utility streams. It is assumed that the social welfare orders under investigation satisfy upper asymptotic Pareto and anonymity axioms. We prove that there exists no real-valued representation of...

We consider a standard one-agent decision-making problem under risk and we address the following question: under what conditions is utility maximization equivalent to 'risk' minimization, where the measure of risk used by the decision-maker is a conservative coherent risk measure?

We study the nature (i.e., constructive as opposed to non-constructive) of social welfare orders on infinite utility streams, and their representability by means of real-valued functions. We assume finite anonymity and introduce a new efficiency concept we refer to as asymptotic density-one...

We provide a sufficient condition on the production function under which eventually the most patient household owns the entire capital stock in every Ramsey Equilibrium, called the turnpike property. This generalizes the result in the literature which establishes the turnpike property using the...

We revisit a classical theme of general equilibrium theory, namely the continuity of the Walras correspondence. Using a remarkable theorem due to Fort (1951) which has widely been used in recent literature on game theory, we are able to prove the generic continuity of the price equilibrium-set...

This paper examines the problem of aggregating infinite utility streams with a social welfare function that respects the Hammond Equity and Weak Pareto Axioms. The paper provides a complete characterization of domains (of the one period utilities) on which such an aggregation is possible. A...

The transfer paradox describes the situation in which transfers of initial endowments within competitive market make the donor better off and (or) the recipient worse off. Advantageous redistribution, strong transfer paradox, and Chichilnisky paradox are the three cases of the transfer paradox...