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.
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Creation-Date: Dezember 1991
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