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Sustainability and cost - benefit analysis

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Abstract

In this paper I address the issue of incorporating environmental sustainability in project appraisal. I extend the results of Barbier, Markandya, and Pearce on 'operationalizing' a concept of sustainability into appraisal methods for practical decisionmaking. I generalize their results in two directions. First, I abandon their implicit assumption that benefits and costs of a given project in a given period depend only on the level of activity of the project in the same period. Second, I address the issue of which portfolio of projects to choose. My results show how to modify the net present value criterion for choosing a set of projects in the presence of a sustainability constraint.

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  • C Pires, 1998. "Sustainability and cost - benefit analysis," Environment and Planning A, Pion Ltd, London, vol. 30(12), pages 2181-2194, December.
  • Handle: RePEc:pio:envira:v:30:y:1998:i:12:p:2181-2194
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