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Article Dans Une Revue Economic Theory Année : 2014

A never-decisive and anonymous criterion for optimal growth models

Alain Ayong Le Kama
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Ha-Huy Thai
Cuong Le Van

Résumé

We address in this paper the question of the existence of a Social Welfare Function that would be sustainable and would allow us to obtain solutions to optimal growth models. We define sustainability by two new axioms called Never-decisiveness of the present and Never-decisiveness of the future. We first show that a SWF which has Never-decisiveness properties cannot be defined on a ball of l+∞. We must (i) restrict to the set of utility streams for which the value of the SWF is finite and (ii) introduce additional assumptions in order to obtain the Never-decisiveness properties. Our main result in this paper is therefore to show that the undiscounted utilitarian criterion is an anonymous and never-decisive criterion for optimal growth models. We consider the set of utilities of consumptions which are generated by a specific technology, namely a technology with decreasing returns for high levels of capital, and restrict ourselves to good programs, i.e., any program for which intertemporal utility is well defined.
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Dates et versions

hal-01044568 , version 1 (17-11-2023)

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Alain Ayong Le Kama, Ha-Huy Thai, Cuong Le Van, Katheline Schubert. A never-decisive and anonymous criterion for optimal growth models. Economic Theory, 2014, 55 (2), pp.281-306. ⟨10.1007/s00199-013-0759-x⟩. ⟨hal-01044568⟩
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