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

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...

This paper investigates the nature of paths in the standard neoclassical aggregative model of economic growth that are maximal according to the Suppes-Sen grading principle. This is accomplished by relating such paths to paths which are utilitarian maximal when an increasing (but not necessarily...

The paper examines the theory of optimal forest management with a view to describing its transition dynamics. In contrast to the literature's emphasis on long-run behavior of optimally managed forests, we focus on the nature of the optimal policy function, which describes the harvesting and...

In this paper we re-examine the axiomatic basis of the key result on weighted utilitarian representation of preference orders on finite utility streams. We show that a preference order satisfying the axioms of Minimal Individual Symmetry, Invariance and Strong Pareto need not have a...

We investigate the effects of interregional labor market integration in a two-sector, overlapping-generations model with land-intensive production in the non-tradable goods sector (housing). To capture the response to migration on housing supply, capital formation is endogenous, assuming that...

That climate policies are costly is evident and therefore often creates major fears. But the alternative (no action) also has a cost. Mitigation costs and damages incurred depend on what the climate policies are; moreover, they are substitutes. This brings climate policies naturally in the realm...

This paper develops a partial equilibrium job search model to study the behavioral and welfare implications of an Unemployment Insurance (UI) scheme in which job search requirements are imposed on UI recipients with hyperbolic preferences. We show that, if the search requirements are well...

This paper uses novel measures of individual differences that produce new insights about student inputs into the (higher) education production function. The inputs examined are lecture attendance and additional study-hours. The data were collected through a web-survey that the authors designed....

This study explores the intergenerational transmission of time preferences and focuses on the question which specific aspects of mother's time preference are related to her preschool child's ability to delay gratification. We provide a new procedure for assessing the parameters of a...