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Sustainable Preferences and Damage Abatement:Value Judgments and Implications for Consumption Streams

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Author Info
John Creedy
Ross Guest

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Abstract

This paper examines the implications of adopting alternative value judgements when evaluating future consumption streams in the context of damage abatement. The paper focusses on a form of ‘sustainable preferences’ designed to avoid either a dictatorship by present or by future generations which can arise when using a ‘standard’ social welfare function. Numerical examples are reported, based on a simple growth model, under alternative damage abatement parameters and welfare functions. The results illustrate how sustainable preferences effectively reduce the damages on future consumption by shifting consumption from the present to the future. This implies an intergenerational trade-off. An explicit policy of damage abatement under a standard social welfare function implies a similar intergenerational trade-off. However, the results suggest that damage abatement does not penalise current generations as much under sustainable preferences as it does under standard value judgements

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File URL: http://www.economics.unimelb.edu.au/SITE/research/workingpapers/wp08/1026.pdf
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Publisher Info
Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 1026.

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Length: 27 pages
Date of creation: 2008
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Handle: RePEc:mlb:wpaper:1026

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  1. Creedy, John & Guest, Ross, 2008. "Population ageing and intertemporal consumption: Representative agent versus social planner," Economic Modelling, Elsevier, vol. 25(3), pages 485-498, May. [Downloadable!] (restricted)
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  2. Stavins, Robert N. & Wagner, Alexander F. & Wagner, Gernot, 2003. "Interpreting sustainability in economic terms: dynamic efficiency plus intergenerational equity," Economics Letters, Elsevier, vol. 79(3), pages 339-343, June. [Downloadable!] (restricted)
    Other versions:
  3. Heal, G., 1998. "Valuing the Future: Economic Theory and Sustainability," Papers 98-10, Columbia - Graduate School of Business.
  4. Padilla, Emilio, 2002. "Intergenerational equity and sustainability," Ecological Economics, Elsevier, vol. 41(1), pages 69-83, April. [Downloadable!] (restricted)
  5. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
  6. Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 312-19, May. [Downloadable!] (restricted)
  7. Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September. [Downloadable!] (restricted)
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