Intertemporal and intergenerational Pareto efficiency: A reconsideration of recent extensions |
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| Authors: | Todd Sandler V Kerry Smith |
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| Institution: | 1. Department of Economics, University of Wyoming, Box 3985, Laramie, Wyoming 82071, USA;2. Economics Department, The Faculties, Australian National University, Box 4, Canberra, ACT 2600, Australia |
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| Abstract: | The purpose of this paper is to respond to criticism of the previous representations of Sandler and Smith of the numeraire in an intertemporal analysis of Pareto efficiency conditions. This reexamination suggests that the role of the numeraire is shown to be less clear-cut than Cabe implies. Moreover, the analysis indicates that the earlier conclusions are not crucially dependent on the numeraire assumption. |
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