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Sustainability as Intergenerational Fairness: Efficiency, Uncertainty, and Numerical Methods

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  • Richard T. Woodward

Abstract

This paper presents an economic model of sustainability defined as intergenerational fairness. Assuming that intergenerational fairness is an obligation of each generation, a recursive optimization problem is obtained. The problem has the advantage that uncertainty can readily be incorporated in the model and it can be solved numerically for a wide range of specifications. The possibility of trade-offs between efficiency and sustainability are discussed. Under plausible conditions, it is shown that a sustainability obligation is met only if there is the expectation of economic growth. Copyright 2000, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/0002-9092.00048
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 82 (2000)
Issue (Month): 3 ()
Pages: 581-593

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Handle: RePEc:oup:ajagec:v:82:y:2000:i:3:p:581-593

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Cited by:
  1. van den Bergh, Jeroen C. J. M., 2004. "Optimal climate policy is a utopia: from quantitative to qualitative cost-benefit analysis," Ecological Economics, Elsevier, vol. 48(4), pages 385-393, April.
  2. Stefan Baumgärtner & Martin F. Quaas, 2007. "Ecological-economic viability as a criterion of strong sustainability under uncertainty," Working Paper Series in Economics 67, University of Lüneburg, Institute of Economics.
  3. Craig Bond & Y. Farzin, 2008. "Alternative Sustainability Criteria, Externalities, and Welfare in a Simple Agroecosystem Model: A Numerical Analysis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 40(3), pages 383-399, July.
  4. Bond, Craig A., 2006. "Multi-Sector Sustainability in Agroecosystem Environments: Using Value Function Iteration for Numerical Solutions," 2006 Annual meeting, July 23-26, Long Beach, CA 21039, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Mullen, John D., 2001. "An Economic Persective On Land Degradation Issues," Research Reports 27999, New South Wales Department of Primary Industries Research Economists.
  6. Knapp, Keith C. & Franklin, Bradley, 2012. "Sustainability Economics of Groundwater Usage and Management," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124959, Agricultural and Applied Economics Association.
  7. Borner, Jan & Higgins, Steven Ian & Scheiter, Simon & Kantelhardt, Jochen, 2009. "Approximating optimal numerical solutions to bio-economic systems: How useful is simulation-optimization?," 2009 Conference, August 16-22, 2009, Beijing, China 51407, International Association of Agricultural Economists.
  8. Torben Andersen, 2014. "Intergenerational redistribution and risk sharing with changing longevity," Journal of Economics, Springer, vol. 111(1), pages 1-27, February.

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