摘要：We analyze infinite-horizon choice functions within the setting of a simple linear
technology. Time consistency and efficiency are characterized by stationary
consumption and inheritance functions, as well as a transversality condition. In
addition, we consider the equity axioms Suppes-Sen, Pigou-Dalton, and resource
monotonicity. We show that Suppes-Sen and Pigou-Dalton imply that the consumption
and inheritance functions are monotone with respect to time—thus justifying
sustainability—while resource monotonicity implies that the consumption and inheritance
functions are monotone with respect to the resource. Examples illustrate
the characterization results.
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