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Sustainability and its relation to efficiency under uncertainty

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  • Frank Krysiak

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  • Frank Krysiak, 2009. "Sustainability and its relation to efficiency under uncertainty," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 41(2), pages 297-315, November.
  • Handle: RePEc:spr:joecth:v:41:y:2009:i:2:p:297-315
    DOI: 10.1007/s00199-008-0397-x
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    1. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May.
    2. Riley, John G., 1980. "The just rate of depletion of a natural resource," Journal of Environmental Economics and Management, Elsevier, vol. 7(4), pages 291-307, December.
    3. Alain Le Kama & Katheline Schubert, 2004. "Growth, Environment and Uncertain Future Preferences," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 28(1), pages 31-53, May.
    4. Fisher, Anthony C. & Krutilla, John V., 1974. "Valuing long run ecological consequences and irreversibilities," Journal of Environmental Economics and Management, Elsevier, vol. 1(2), pages 96-108, August.
    5. Edwards, Steven F. & Link, Jason S. & Rountree, Barbara P., 2004. "Portfolio management of wild fish stocks," Ecological Economics, Elsevier, vol. 49(3), pages 317-329, July.
    6. Kjell Arne Brekke & Geir B. Asheim, 2002. "Sustainability when capital management has stochastic consequences," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 19(4), pages 921-940.
    7. Friðrik Már Baldursson & Guðmundur Magnússon, 1997. "Portfolio Fishing," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(3), pages 389-403, September.
    8. Richard B. Howarth, 1995. "Sustainability under Uncertainty: A Deontological Approach," Land Economics, University of Wisconsin Press, vol. 71(4), pages 417-427.
    9. Alain Ayong Le Kama, 2001. "Preservation and exogenous uncertain future preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 18(3), pages 745-752.
    10. Howe, Roger, 1987. "Sections and extensions of concave functions," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 53-64, February.
    11. Kenneth J. Arrow & Anthony C. Fisher, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, Oxford University Press, vol. 88(2), pages 312-319.
    12. Springer, Urs, 2003. "International diversification of investments in climate change mitigation," Ecological Economics, Elsevier, vol. 46(1), pages 181-193, August.
    13. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(1), pages 221-230, July.
    14. Paul A. Samuelson, 1970. "The Fundamental Approximation Theorem of Portfolio Analysis in terms of Means, Variances and Higher Moments," Review of Economic Studies, Oxford University Press, vol. 37(4), pages 537-542.
    15. Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1998. "Uncertain future preferences and conservation," MPRA Paper 7912, University Library of Munich, Germany.
    16. Frank Krysiak & Daniela Krysiak, 2006. "Sustainability with Uncertain Future Preferences," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 33(4), pages 511-531, April.
    17. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
    18. Richard T. Woodward, 2000. "Sustainability as Intergenerational Fairness: Efficiency, Uncertainty, and Numerical Methods," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(3), pages 581-593.
    19. Woodward, Richard T., 1999. "Sustainability As Intergenerational Fairness," Faculty Paper Series 24014, Texas A&M University, Department of Agricultural Economics.
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    Citations

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    Cited by:

    1. Klara Helene Stumpf & Stefan Baumgärtner & Christian U. Becker & Stefanie Sievers-Glotzbach, 2015. "The Justice Dimension of Sustainability: A Systematic and General Conceptual Framework," Sustainability, MDPI, vol. 7(6), pages 1-35, June.
    2. Rosalia Castellano & Gabriella Bernardo & Gennaro Punzo, 2023. "Well-being in OECD countries: an assessment of technical and social efficiency using data envelopment analysis," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 70(2), pages 141-176, June.
    3. Hoberg, Nikolai & Baumgärtner, Stefan, 2017. "Irreversibility and uncertainty cause an intergenerational equity-efficiency trade-off," Ecological Economics, Elsevier, vol. 131(C), pages 75-86.
    4. W. Botzen & Jeroen Bergh, 2014. "Specifications of Social Welfare in Economic Studies of Climate Policy: Overview of Criteria and Related Policy Insights," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 58(1), pages 1-33, May.
    5. Kitti, Mitri, 2018. "Sustainable social choice under risk," Mathematical Social Sciences, Elsevier, vol. 94(C), pages 19-31.
    6. Hahn, W. Andreas & Härtl, Fabian & Irland, Lloyd C. & Kohler, Christoph & Moshammer, Ralf & Knoke, Thomas, 2014. "Financially optimized management planning under risk aversion results in even-flow sustained timber yield," Forest Policy and Economics, Elsevier, vol. 42(C), pages 30-41.
    7. Castellano, Rosella & Cerqueti, Roy & Spinesi, Luca, 2016. "Sustainable management of fossil fuels: A dynamic stochastic optimization approach with jump-diffusion," European Journal of Operational Research, Elsevier, vol. 255(1), pages 288-297.
    8. Nikolai Hoberg & Stefan Baumgärtner, 2011. "Irreversibility, ignorance, and the intergenerational equity-efficiency trade-off," Working Paper Series in Economics 198, University of Lüneburg, Institute of Economics.
    9. Buchholz, Wolfgang & Schymura, Michael, 2012. "Expected utility theory and the tyranny of catastrophic risks," Ecological Economics, Elsevier, vol. 77(C), pages 234-239.
    10. Joachim Fuenfgelt & Stefan Baumgaertner, 2012. "A utilitarian notion of responsibility for sustainability," Working Paper Series in Economics 234, University of Lüneburg, Institute of Economics.

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    More about this item

    Keywords

    Sustainability; Efficiency; Uncertainty; Policy evaluation; Portfolio choice; Q01; D81; D63; G11;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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