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On the Problem of Achieving Efficiency and Equity, Intergenerationally

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  • Talbot Page

Abstract

The paper compares two approaches to the problem of achieving the social goals of sustainability and intergenerational efficiency. The first is a separated approach, where the results of standard benefit-cost analysis are (later) combined with intergenerational equity considerations. The second, in the tradition of institutional design, is an integrated approach, where efficiency and equity considerations are combined from the start. It appears that several well-known problems with discounting can be avoided or mitigated by the second approach.

Suggested Citation

  • Talbot Page, 1997. "On the Problem of Achieving Efficiency and Equity, Intergenerationally," Land Economics, University of Wisconsin Press, vol. 73(4), pages 580-596.
  • Handle: RePEc:uwp:landec:v:73:y:1997:i:4:p:580-596
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    Cited by:

    1. Iglesias, Eva, 2002. "La gestion de las aguas subterraneas en el acuifero Mancha Occidental," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 2(01).
    2. Pasqual, Joan & Souto, Guadalupe, 2003. "Sustainability in natural resource management," Ecological Economics, Elsevier, vol. 46(1), pages 47-59, August.
    3. Anderson, Mark W. & Teisl, Mario & Noblet, Caroline, 2012. "Giving voice to the future in sustainability: Retrospective assessment to learn prospective stakeholder engagement," Ecological Economics, Elsevier, vol. 84(C), pages 1-6.
    4. Scott, Antony, 1999. "Trust law, sustainability, and responsible action," Ecological Economics, Elsevier, vol. 31(1), pages 139-154, October.
    5. Hepburn, Cameron J. & Koundouri, Phoebe, 2007. "Recent advances in discounting: Implications for forest economics," Journal of Forest Economics, Elsevier, pages 169-189.
    6. Cameron Hepburn & Greer Gosnell, 2014. "Evaluating impacts in the distant future: cost–benefit analysis, discounting and the alternatives," Chapters,in: Handbook of Sustainable Development, chapter 9, pages 140-159 Edward Elgar Publishing.
    7. Vatn, Arild, 2009. "An institutional analysis of methods for environmental appraisal," Ecological Economics, Elsevier, vol. 68(8-9), pages 2207-2215, June.

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