SFB 303 Discussion Paper No. A - 360
Author: Lang, Günther
Title: Fair Intergenerational Redistribution Policy
Abstract: This paper introduces the concept of fairness to the framework of the
standard overlapping-generations model. It is demonstrated that a unique
fair allocation always exists, no matter whether the laissez-faire economy
displays over- or underaccumulation of capital. Furthermore, fair
allocations are compared with those resulting from utilitarian welfare
maximization. It turns out that, for a given welfare function, a utilitarian
planner realizes a fair allocation only by chance, depending on the real
rate of interest.
Creation-Date: Dezember 1991
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