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Sustainability with Uncertain Future Preferences

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  • Frank Krysiak
  • Daniela Krysiak

Abstract

A feature of the sustainability problem is that the preferences of future generations are uncertain. In this paper, we put forward a fairness-based definition of sustainability that takes this uncertainty into account. We analyze the implications of this definition in the context of a model of project evaluation. We show that our definition encompasses the concepts of non-declining welfare and of weak and strong sustainability. Furthermore, we show that preference uncertainty has a substantial influence on the implications of sustainability. Copyright Springer 2006

Suggested Citation

  • Frank Krysiak & Daniela Krysiak, 2006. "Sustainability with Uncertain Future Preferences," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 33(4), pages 511-531, April.
    • Handle: RePEc:kap:enreec:v:33:y:2006:i:4:p:511-531
    DOI: 10.1007/s10640-005-0004-6
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    References listed on IDEAS

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    1. Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1998. "Uncertain future preferences and conservation," MPRA Paper 7912, University Library of Munich, Germany.
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    Cited by:

    1. W. Botzen & Jeroen Bergh, 2014. "Specifications of Social Welfare in Economic Studies of Climate Policy: Overview of Criteria and Related Policy Insights," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 58(1), pages 1-33, May.
    2. Frank Krysiak, 2009. "Sustainability and its relation to efficiency under uncertainty," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 41(2), pages 297-315, November.
    3. van den Bergh, Jeroen C.J.M., 2008. "Optimal diversity: Increasing returns versus recombinant innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 565-580, December.
    4. Castellano, Rosella & Cerqueti, Roy & Spinesi, Luca, 2016. "Sustainable management of fossil fuels: A dynamic stochastic optimization approach with jump-diffusion," European Journal of Operational Research, Elsevier, vol. 255(1), pages 288-297.
    5. Scarborough, Helen & Burton, Michael & Bennett, Jeff, 2009. "Decision-making in a social welfare context," Working Papers eco_2009_02, Deakin University, Department of Economics.
    6. Ioannis Liritzis & Elena Korka, 2019. "Archaeometry’s Role in Cultural Heritage Sustainability and Development," Sustainability, MDPI, vol. 11(7), pages 1-26, April.
    7. van den Bergh, Jeroen C. J. M., 2004. "Optimal climate policy is a utopia: from quantitative to qualitative cost-benefit analysis," Ecological Economics, Elsevier, vol. 48(4), pages 385-393, April.
    8. Helen Scarborough & Jeff Bennett, 2012. "Cost–Benefit Analysis and Distributional Preferences," Books, Edward Elgar Publishing, number 14376.
    9. Kitti, Mitri, 2018. "Sustainable social choice under risk," Mathematical Social Sciences, Elsevier, vol. 94(C), pages 19-31.
    10. Frank Krysiak, 2009. "Risk Management as a Tool for Sustainability," Journal of Business Ethics, Springer, vol. 85(3), pages 483-492, April.
    11. Michalis Skourtos & Dimitris Damigos & Areti Kontogianni & Christos Tourkolias & Alistair Hunt, 2019. "Embedding Preference Uncertainty for Environmental Amenities in Climate Change Economic Assessments: A “Random” Step Forward," Economies, MDPI, vol. 7(4), pages 1-22, October.
    12. Fabio Zagonari, 2016. "Four Sustainability Paradigms for Environmental Management: A Methodological Analysis and an Empirical Study Based on 30 Italian Industries," Sustainability, MDPI, vol. 8(6), pages 1-34, May.

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    More about this item

    Keywords

    intergenerational justice; project evaluation; substitution possibilities; sustainability; uncertainty; Q56; Q20; D81; D63; D99;
    All these keywords.

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D99 - Microeconomics - - Micro-Based Behavioral Economics - - - Other

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