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...

This paper studies the nature of social welfare orders on infinite utility streams, satisfying the efficiency principle known as Monotonicity and the consequentialist equity principle known as Strong Equity. It provides a complete characterization of domain sets for which there exists such a...

This paper studies the nature of social welfare orders on infinite utility streams, satisfying the consequentialist equity principles known as Hammond Equity and Pigou-Dalton transfer principle. The first result shows that every social welfare order satisfying Hammond Equity and the Strong...

With heterogeneity of risk aversion, a representative agent does not exist so both individuals' and aggregate risk premium cannot be expressed by relative/absolute risk aversion. This paper suggests a new way to calculate the risk premium with market contingent-claim prices without the...