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The Appraisal of Projects with Environmental Impacts. Efficiency and Sustainability

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  • Joan Pasqual

    ()
    (Departament d'Economia Aplicada, Universitat Autonoma de Barcelona)

  • Emilio Padilla

    ()
    (Departament d'Economia Aplicada, Universitat Autonoma de Barcelona)

Abstract

It is usually assumed that the appraisal of the impacts experienced by present generations does not entail any difficulty. However, this is not true. Moreover, there is not a widely accepted methodology for taking these impacts into account. Some of the controversial issues are: the appropriate value for the discount rate, the choice of the units for expressing the impacts, physical or monetary units —income, consumption or investment— and the valuation of tangible and intangible goods. When approaching the problem of very long term impacts, there is also the problem of valuing the impacts experienced by future generations, through e.g., the use of an intergenerational discount rate. However, if this were the case, the present generation perspective would prevail, as if all the property rights on the resources were owned by them. Therefore, the sustainability requirement should also be incorporated into the analysis. We will analyze these problems in this article and show some possible solutions.

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Bibliographic Info

Paper provided by Department of Applied Economics at Universitat Autonoma of Barcelona in its series Working Papers with number wpdea0704.

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Length: 15 pages
Date of creation: Sep 2007
Date of revision:
Handle: RePEc:uab:wprdea:wpdea0704

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  1. Guadalupe Souto Nieves, 2003. "El descuento social," Hacienda Pública Española, IEF, vol. 165(2), pages 99-126, June.
  2. Pasqual, Joan & Souto, Guadalupe, 2003. "Sustainability in natural resource management," Ecological Economics, Elsevier, vol. 46(1), pages 47-59, August.
  3. Ferran Sancho, 2003. "Una estimaci? del coste marginal en bienestar del sistema impositivo en Espa?," UFAE and IAE Working Papers 592.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  4. Padilla, Emilio, 2002. "Intergenerational equity and sustainability," Ecological Economics, Elsevier, vol. 41(1), pages 69-83, April.
  5. Satterthwaite, Mark Allen, 1975. "Strategy-proofness and Arrow's conditions: Existence and correspondence theorems for voting procedures and social welfare functions," Journal of Economic Theory, Elsevier, vol. 10(2), pages 187-217, April.
  6. Martin L. Weitzman, 2001. "Gamma Discounting," American Economic Review, American Economic Association, vol. 91(1), pages 260-271, March.
  7. Dunford, Richard W. & Ginn, Thomas C. & Desvousges, William H., 2004. "The use of habitat equivalency analysis in natural resource damage assessments," Ecological Economics, Elsevier, vol. 48(1), pages 49-70, January.
  8. Munda, Giuseppe, 2004. "Social multi-criteria evaluation: Methodological foundations and operational consequences," European Journal of Operational Research, Elsevier, vol. 158(3), pages 662-677, November.
  9. Triest, Robert K, 1990. "The Relationship between the Marginal Cost of Public Funds and Marginal Excess Burden," American Economic Review, American Economic Association, vol. 80(3), pages 557-66, June.
  10. Sumaila, Ussif R. & Walters, Carl, 2005. "Intergenerational discounting: a new intuitive approach," Ecological Economics, Elsevier, vol. 52(2), pages 135-142, January.
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