Review of Economic Studies Vol. 55 No. 3 1988
Rawlsian Intergenerational Justice as a Markov-Perfect Equilibrium in a Resource Technology
Abstract
The Rawlsian maximin criterion is combined with nonpaternalistic altruistic preferences in a nonrenewable resource technology. The maximin program is shown to be time-inconsistent for a subset of initial conditions. A solution to this intergenerational conflict is found, under a given assumption, as a generically unique subgame-perfect equilibrium.
- DOI
- 10.2307/2297396
- Volume
- 55
- Issue
- 3
- Pages
- 469
- Sources
- bibtex:phds-export.bib openalex crossref