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Fundamental Incompatibility among Economic Efficiency, Intergenerational Equity, and Sustainability

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Author Info
Naoki Yoshihara

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Abstract

We discuss intergenerational resource allocations in production economies with long-run negative externality. The long-run negative externality implies that the emission of public bads by the current generation only affects his future generation's welfare, and the current generation only suffers from the negative externality accumulated by his past generations. We introduce the basic axioms of economic efficiency, intergenerational equity, and environmental sustainability, and examine whether there exists an allocation rule which satisfies these basic axioms. Unfortunately, our answer to this question is negative.

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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number a467.

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Date of creation: Nov 2005
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Handle: RePEc:hit:hituec:a467

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Find related papers by JEL classification:
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare

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  1. Joaquim Silvestre, 2002. "Progress and conservation under Rawls's maximin principle," Social Choice and Welfare, Springer, vol. 19(1), pages 1-27. [Downloadable!] (restricted)
  2. Pazner, Elisha A & Schmeidler, David, 1978. "Egalitarian Equivalent Allocations: A New Concept of Economic Equity," The Quarterly Journal of Economics, MIT Press, vol. 92(4), pages 671-87, November. [Downloadable!] (restricted)
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  3. Fleurbaey, Marc & Maniquet, Francois, 1996. "Fair allocation with unequal production skills: The No Envy approach to compensation," Mathematical Social Sciences, Elsevier, vol. 32(1), pages 71-93, August. [Downloadable!] (restricted)
  4. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May. [Downloadable!] (restricted)
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