TIME-ADDITIVE REPRESENTATIONS OF PREFERENCES WHEN CONSUMPTION GROWS WITHOUT BOUND

Koopmans' classic theorem on the representation of intertemporal prefe rence orders by time-additively separable utility functions is inappli cable to economies where consumption streams grow without bound. This paper provides a 'Koopmans-like' theorem for the case of unbounded con sumption growth. Feasible consumption streams obey an asymptotic growt h condition, growing in the limit no faster than an arbitrary, fixed r eference stream.