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The Intergenerational Case of Missing Markets and Missing Voters

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  • Jacobus A. Doeleman
  • Todd Sandler

Abstract

A simple game formulation is used to examine the possibility of linking generations when a future generation will confront a risk that can be alleviated by an earlier generation's investment. An insurance market will function provided that the overlapping generations are sufficiently near in time and share risks. Without propinquity or shared risks, there is a need for intervention to overcome the problems of missing markets and missing voters. This intervention should take the form of minimum environmental standards, based on a notion of sustainability that is constitutionally enforced.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 74 (1998)
Issue (Month): 1 ()
Pages: 1-15

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Handle: RePEc:uwp:landec:v:74:y:1998:i:1:p:1-15

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Web page: http://le.uwpress.org/

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Cited by:
  1. Padilla, Emilio, 2002. "Intergenerational equity and sustainability," Ecological Economics, Elsevier, Elsevier, vol. 41(1), pages 69-83, April.
  2. Antonio Rangel, 1999. "Forward and Backward Intergenerational Goods: A Theory of Intergenerational Exchange," Working Papers, Stanford University, Department of Economics 00001, Stanford University, Department of Economics.
  3. Andreas Wagener, 2002. "Intergenerational Transfer Schemes as Incomplete Social Contracts," Constitutional Political Economy, Springer, Springer, vol. 13(4), pages 337-359, December.

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