We analyze infinite-horizon choice functions within the setting of a simple linear technology. Time consistency and efficiency are characterized by stationary consumption and inheritance functions, as well as a transversality condition. In addition, we consider the equity axioms Suppes-Sen,...

Kenneth Arrow founded the modern form of social choice theory in a path-breaking contribution at the middle of the twentieth century. The editors of the Handbook of Social Choice and Welfare other than Arrow begin this final volume by noting the continuing need to read Arrow's decisive...