Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu Terms of use: Documents in EconStor may THE LIMIT OF DISCOUNTED UTILITARIANISM ADAM JONSSON AND MARK VOORNEVELDAbstract. This paper presents an infinite-horizon version of intergenerational utilitarianism that is both satisfactorily complete and consistent. By studying discounted utilitarianism as the discount factor tends to one, we obtain a welfare criterion -limit-discounted utilitarianism -that combines efficiency and the equal treatment of generations with analytical tractability and a high degree of comparability. We show that limit-discounted utilitarianism satisfies a number of consistency properties; in particular, it provides (i) an intuitive link between preferences over infinite-horizon streams and large, but finite-horizon truncations, and (ii) a complete view of the consequences of delaying streams with well-defined finite averages. The latter is formulated through a principle of compensation. Through this compensation principle, limit-discounted utilitarianism gives a coherent view on the consequences of delaying welfare which is compatible with stationarity. Limit-discounted utilitarianism is characterized on a large domain of infinite-horizon utility streams.

The purpose of this article is to develop a practical economic replacement decision model to identify the economic lifetime of a mining drilling machine. A data-driven optimization model was developed for operating and maintenance costs, purchase price, and machine resale value. Equivalent present value of these costs by using discount rate was considered. The proposed model shows that the absolute optimal replacement time (ORT) of a drilling machine used in one underground mine in Sweden is 115 months.Sensitivity and regression analysis show that the maintenance cost has the largest impact on the ORT of this machine. The proposed decision-making model is applicable and useful and can be implemented within the mining industry.

We show that in infinite worlds the following three conditions are incompatible: (1) The spatiotemporal ordering of individuals is morally irrelevant. (2) All else being equal, the act of bringing about a good outcome with a high probability is better than the act of bringing about the same outcome with a low probability. (3) One act is better than another only if there is a nonzero probability that it brings about a better outcome. The impossibility of combining these conditions shows that it is more costly to endorse (1) than has been previously acknowledged.

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Abstract. This note revisits the problem of finding necessary and sufficient conditions for a subshift to admit a continuous g-function.