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There are two main approaches for defining social welfare relations for an economy with infinite horizon. The first one is to consider the set of intertemporal utility streams generated by a general set of bounded consumptions, and define a preference relation between them. This relation is ideally required to satisfy two main axioms, the Pareto axiom, which guarantees efficiency, and the Anonymity axiom, which guarantees equity. Basu and Mitra  show that it is impossible to represent by a function a preference relation embodying both the efficiency and equity requirements and Basu and Mitra  propose and characterize a new welfare criterion called utilitarian social welfare relation.
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