Program > Papers by speaker > Asheim Geir B.

Tuesday 13
C5 - Equity, justice and other normative criteria and measurement II
Chair: Geir Bjarne Asheim
› 10:15 - 10:40 (25min)
› Auditorium - 2nd floor
The necessity of time inconsistency for intergenerational equity
Geir B. Asheim  1@  , Tapan Mitra  2@  
1 : University of Oslo
2 : Cornell University

We show how conditions of intergenerational equity may necessitate time inconsistency of normative criteria. By formalizing the intuition that less sensitivity remains for the future if sensitivity for the interests of the present is combined with time consistency, we point out conflicts (a) between time consistency and the requirement of not letting the present be dictatorial, and (b) between time consistency and equal treatment of generations. We use the results to interpret the time inconsistency of the Chichilnisky criterion and Rank-Discounted Utilitarianism. We also illustrate how such time inconsistent criteria can be applied in the Ramsey model.

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