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Sustainability with Uncertain Future Preferences

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  • Frank Krysiak

    ()

  • Daniela Krysiak

Abstract

A feature of the sustainability problem is that the preferences of future generations are uncertain. In this paper, we put forward a fairness-based definition of sustainability that takes this uncertainty into account. We analyze the implications of this definition in the context of a model of project evaluation. We show that our definition encompasses the concepts of non-declining welfare and of weak and strong sustainability. Furthermore, we show that preference uncertainty has a substantial influence on the implications of sustainability. Copyright Springer 2006

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File URL: http://hdl.handle.net/10.1007/s10640-005-0004-6
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Bibliographic Info

Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 33 (2006)
Issue (Month): 4 (04)
Pages: 511-531

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Handle: RePEc:kap:enreec:v:33:y:2006:i:4:p:511-531

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Web page: http://www.springerlink.com/link.asp?id=100263

Related research

Keywords: intergenerational justice; project evaluation; substitution possibilities; sustainability; uncertainty; Q56; Q20; D81; D63; D99;

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References

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  1. Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1998. "Uncertain future preferences and conservation," MPRA Paper 7912, University Library of Munich, Germany.
  2. Giovanni Andrea Cornia & Frances Stewart, 1993. "Two errors of targeting," Journal of International Development, John Wiley & Sons, Ltd., vol. 5(5), pages 459-496, 09.
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Citations

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Cited by:
  1. Scarborough, Helen & Burton, Michael P. & Bennett, Jeffrey W., 2009. "Decision-Making in a Social Welfare Context," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47622, Australian Agricultural and Resource Economics Society.
  2. Frank Krysiak, 2009. "Risk Management as a Tool for Sustainability," Journal of Business Ethics, Springer, vol. 85(3), pages 483-492, April.
  3. van den Bergh, Jeroen C.J.M., 2008. "Optimal diversity: Increasing returns versus recombinant innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 565-580, December.
  4. Frank Krysiak, 2009. "Sustainability and its relation to efficiency under uncertainty," Economic Theory, Springer, vol. 41(2), pages 297-315, November.

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