On social welfare orders satisfying anonymity and asymptotic density-one Pareto

TL;DR

This paper investigates the properties and representability of social welfare orders on infinite utility streams, introducing a new efficiency concept called asymptotic density-one Pareto and characterizing conditions for their existence.

Contribution

It introduces the asymptotic density-one Pareto efficiency and provides a characterization of when social welfare orders satisfying certain properties are representable and constructive.

Findings

Existence of representable social welfare orders depends on verifiable conditions.

Introduces a new efficiency concept: asymptotic density-one Pareto.

Characterizes the nature of social welfare orders on infinite utility streams.

Abstract

We study the nature (i.e., constructive as opposed to non-constructive) of social welfare orders on infinite utility streams, and their representability by means of real-valued functions. We assume finite anonymity and introduce a new efficiency concept we refer to as asymptotic density-one Pareto. We characterize the existence of representable and constructive social welfare orders (satisfying the above properties) in terms of easily verifiable conditions on the feasible set of one-period utilities.