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Sustainability as Intergenerational Fairness: Efficiency, Uncertainty, and Numerical Methods

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  • Richard T. Woodward

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 trade-offs between efficiency and sustainability are discussed. Under plausible conditions, it is shown that a sustainability obligation is met only if there is the expectation of economic growth. Copyright 2000, Oxford University Press.

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  • Richard T. Woodward, 2000. "Sustainability as Intergenerational Fairness: Efficiency, Uncertainty, and Numerical Methods," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(3), pages 581-593.
    • Handle: RePEc:oup:ajagec:v:82:y:2000:i:3:p:581-593
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    File URL: http://hdl.handle.net/10.1111/0002-9092.00048
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    Cited by:

    1. Lin, Yu-Hsuan, 2015. "Sustainability and International Environmental Agreements," MPRA Paper 83823, University Library of Munich, Germany.
    2. 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.
    3. Börner, Jan & Higgins, Steven I. & Scheiter, Simon & Kantelhardt, Jochen, 2013. "Approximating Optimal Numerical Solutions to Bio-economic Systems: How Useful is Simulation-optimization?," Quarterly Journal of International Agriculture, Humboldt-Universitaat zu Berlin, vol. 52(3), pages 1-20, August.
    4. Knapp, Keith C. & Franklin, Bradley, 2012. "Sustainability Economics of Groundwater Usage and Management," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124959, Agricultural and Applied Economics Association.
    5. Torben Andersen, 2006. "Increasing Longevity and Social Security Reforms," CESifo Working Paper Series 1789, CESifo.
    6. Iho Antti & Kitti Mitri, 2011. "A Tail-Payoff Puzzle in Dynamic Pollution Control," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-30, May.
    7. Kitti, Mitri, 2018. "Sustainable social choice under risk," Mathematical Social Sciences, Elsevier, vol. 94(C), pages 19-31.
    8. Frank Krysiak, 2009. "Risk Management as a Tool for Sustainability," Journal of Business Ethics, Springer, vol. 85(3), pages 483-492, April.
    9. Filip Chybalski, 2018. "Intergenerational fairness from an economic perspective: Overview of some theoretical and methodological issues," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(2), pages 268-281, April.
    10. 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.
    11. Börner, Jan & Higgins, Steven Ian & Scheiter, Simon & Kantelhardt, Jochen, 2009. "Approximating optimal numerical solutions to bio-economic systems: How useful is simulation-optimization?," 2009 Conference, August 16-22, 2009, Beijing, China 51407, International Association of Agricultural Economists.
    12. 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).
    13. Torben Andersen, 2014. "Intergenerational redistribution and risk sharing with changing longevity," Journal of Economics, Springer, vol. 111(1), pages 1-27, February.
    14. Baumgärtner, Stefan & Quaas, Martin F., 2009. "Ecological-economic viability as a criterion of strong sustainability under uncertainty," Ecological Economics, Elsevier, vol. 68(7), pages 2008-2020, May.
    15. E. Petavratzi & D. Sanchez-Lopez & A. Hughes & J. Stacey & J. Ford & A. Butcher, 2022. "The impacts of environmental, social and governance (ESG) issues in achieving sustainable lithium supply in the Lithium Triangle," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 35(3), pages 673-699, December.
    16. Torben Andersen, 2005. "Social Security and Longevity," CESifo Working Paper Series 1577, CESifo.
    17. Mullen, John D., 2001. "An Economic Persective On Land Degradation Issues," Research Reports 27999, New South Wales Department of Primary Industries Research Economists.
    18. 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.
    19. Craig Bond & Y. Farzin, 2008. "Alternative Sustainability Criteria, Externalities, and Welfare in a Simple Agroecosystem Model: A Numerical Analysis," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 40(3), pages 383-399, July.
    20. 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).
    21. Richard A. Hunt & Bret R. Fund, 2016. "Intergenerational Fairness and the Crowding Out Effects of Well-Intended Environmental Policies," Journal of Management Studies, Wiley Blackwell, vol. 53(5), pages 878-910, July.

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