For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the...

We present a new version of the overtaking criterion, which we call generalized time-invariant overtaking. The generalized time-invariant overtaking criterion (on the space of infinite utility streams) is defined by extending proliferating sequences of complete and transitive binary relations...

In this paper, we investigate the possibility of representing ethical intergenerational preferences using more than one utility function. It is shown that the impossibility of representing intergenerational preferences equitably persists in the multiutility frame work with some reasonable...