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Rawls' Maximin Criterion and Time-Consistency: Further Results

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  • Wolfgang Leininger

Abstract

The paper is concerned with the implications of a maximin welfare function for an intertemporal society which has a nonlinear technology at its disposal, but holds conflicting preferences over time. The complete solution given shows that time-consistency and optimality of plans may or may not be compatible. The time-consistent case is generalized to a very wide class of models. This leads to the partial invalidation of a result stated in the earlier literature on the subject.

Suggested Citation

  • Wolfgang Leininger, 1985. "Rawls' Maximin Criterion and Time-Consistency: Further Results," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 52(3), pages 505-513.
    • Handle: RePEc:oup:restud:v:52:y:1985:i:3:p:505-513.
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    File URL: http://hdl.handle.net/10.2307/2297667
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    Cited by:

    1. Andrei V. Bazhanov, 2008. "Maximin-optimal sustainable growth with nonrenewable resource and externalities," EERI Research Paper Series EERI_RP_2008_11, Economics and Econometrics Research Institute (EERI), Brussels.
    2. Huiping Yuan & Stephen M. Miller & Langnan Chen, 2011. "The Optimality And Controllability Of Monetary Policy Through Delegation With Consistent Targets," Scottish Journal of Political Economy, Scottish Economic Society, vol. 58(1), pages 82-106, February.
    3. Huiping Yuan & Stephen M. Miller, 2006. "The Making of Optimal and Consistent Policy: An Implementation Theory Framework for Monetary Policy," Working papers 2006-06, University of Connecticut, Department of Economics, revised Jan 2009.
    4. Alvaro Rodriguez, 1990. "Maximin growth paths with recursive preferences: A complete characterization," Journal of Economics, Springer, vol. 52(3), pages 233-251, October.
    5. Bazhanov, Andrei V., 2013. "Constant-utility paths in a resource-based economy," Resource and Energy Economics, Elsevier, vol. 35(3), pages 342-355.
    6. Bazhanov, Andrei, 2008. "Maximin-optimal sustainable growth in a resource-based imperfect economy," MPRA Paper 16245, University Library of Munich, Germany, revised 13 Jul 2009.
    7. Bazhanov, Andrei, 2006. "Decreasing of Oil Extraction: Consumption behavior along transition paths," MPRA Paper 469, University Library of Munich, Germany.
    8. Bazhanov, Andrei, 2008. "Sustainable growth: Compatibility between criterion and the initial state," MPRA Paper 9914, University Library of Munich, Germany.

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