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The Intergenerational Case of Missing Markets and Missing Voters

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  • Jacobus A. Doeleman
  • Todd Sandler

Abstract

A simple game formulation is used to examine the possibility of linking generations when a future generation will confront a risk that can be alleviated by an earlier generation's investment. An insurance market will function provided that the overlapping generations are sufficiently near in time and share risks. Without propinquity or shared risks, there is a need for intervention to overcome the problems of missing markets and missing voters. This intervention should take the form of minimum environmental standards, based on a notion of sustainability that is constitutionally enforced.

Suggested Citation

  • Jacobus A. Doeleman & Todd Sandler, 1998. "The Intergenerational Case of Missing Markets and Missing Voters," Land Economics, University of Wisconsin Press, vol. 74(1), pages 1-15.
  • Handle: RePEc:uwp:landec:v:74:y:1998:i:1:p:1-15
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    References listed on IDEAS

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    1. Karen Palmer & Alan Krupnick & Hadi Dowlatabadi & Stuart Siegel, 1995. "Social Costing of Electricity in Maryland: Effects on Pollution, Investment, and Prices," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 1-26.
    2. Daniel E. Dodds & Jonathan A. Lesser, 1994. "Can Utility Commissions Improve on Environmental Regulations?," Land Economics, University of Wisconsin Press, vol. 70(1), pages 63-76.
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    4. Buchanan, James M, 1969. "External Diseconomies, Corrective Taxes, and Market Structure," American Economic Review, American Economic Association, pages 174-177.
    5. Jorgenson, Dale W & Slesnick, Daniel T & Stoker, Thomas M, 1988. "Two-Stage Budgeting and Exact Aggregation," Journal of Business & Economic Statistics, American Statistical Association, vol. 6(3), pages 313-325, July.
    6. John Tschirhart, 1994. "On the Use of 'Adders' by Public Utility Commissions," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 121-128.
    7. Bernow, Stephen & Biewald, Bruce & Marron, Donald, 1991. "Full-cost dispatch: Incorporating environmental externalities in electric system operation," The Electricity Journal, Elsevier, vol. 4(2), pages 20-33, March.
    8. Jorgenson, Dale W. & Wilcoxen, Peter J., 1990. "Intertemporal general equilibrium modeling of U.S. environmental regulation," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 715-744.
    9. Burtraw Dallas & Harrington Winston & Krupnick Alan J. & Freeman III A. Myrick, 1995. "Optimal Adders for Environmental Damage by Public Utilities," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 1-19, November.
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    Cited by:

    1. Andreas Wagener, 2002. "Intergenerational Transfer Schemes as Incomplete Social Contracts," Constitutional Political Economy, Springer, pages 337-359.
    2. Padilla, Emilio, 2002. "Intergenerational equity and sustainability," Ecological Economics, Elsevier, vol. 41(1), pages 69-83, April.
    3. John William Hatfield & Paul R. Milgrom, 2005. "Matching with Contracts," American Economic Review, American Economic Association, pages 913-935.
    4. Antonio Rangel, 1999. "Forward and Backward Intergenerational Goods: A Theory of Intergenerational Exchange," Working Papers 00001, Stanford University, Department of Economics.

    More about this item

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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