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Sustainability As Intergenerational Fairness

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  • Woodward, Richard T.

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 tradeoffs between efficiency and sustainability are discussed. Under plausible conditions, it is show that a sustainability obligation is met only if there is the expectations of economic growth.

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File URL: http://purl.umn.edu/24014
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Bibliographic Info

Paper provided by Texas A&M University, Department of Agricultural Economics in its series Faculty Paper Series with number 24014.

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Date of creation: 1999
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Handle: RePEc:ags:tamufp:24014

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Postal: College Station, TX 77849-2124
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Web page: http://agecon.tamu.edu/
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Related research

Keywords: Agribusiness;

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Cited by:
  1. Knapp, Keith C., 2006. "Recursive Sustainability: Intertemporal Efficiency and Equity," 2006 Annual meeting, July 23-26, Long Beach, CA 21472, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Frank Krysiak, 2009. "Risk Management as a Tool for Sustainability," Journal of Business Ethics, Springer, vol. 85(3), pages 483-492, April.
  3. Torben Andersen, 2006. "Increasing Longevity and Social Security Reforms," CESifo Working Paper Series 1789, CESifo Group Munich.
  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. Torben Andersen, 2005. "Social Security and Longevity," CESifo Working Paper Series 1577, CESifo Group Munich.
  6. 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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