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Multi-Sector Sustainability in Agroecosystem Environments: Using Value Function Iteration for Numerical Solutions

  • Bond, Craig A.
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    Using the numerical technique of value iteration, this paper imposes several sustainability constraints on a simple multi-sector agroecosystem model, and provides analysis of the costs tradeoffs within and between generations. Results show that internalization of a stock externality is insufficient for intergenerationally equitable welfare paths, while sustaining a physical resource over time in the interests of equitability can result in a less equitable distribution of welfare across generations. Furthermore, a value sustainability constraint imposed on the social welfare maximization problem acts as a welfare transfer mechanism from the productive sector to the sector affected by the externality, but implies growth in profits for the productive sector and declining utility for the non-productive sector.

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    File URL: http://purl.umn.edu/21039
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    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2006 Annual meeting, July 23-26, Long Beach, CA with number 21039.

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    Date of creation: 2006
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    Handle: RePEc:ags:aaea06:21039
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    1. Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
    2. Amartya Sen, 1997. "Maximization and the Act of Choice," Econometrica, Econometric Society, vol. 65(4), pages 745-780, July.
    3. Graciela Chichilnisky, 1997. "What Is Sustainable Development?," Land Economics, University of Wisconsin Press, vol. 73(4), pages 467-491.
    4. Asheim, G.B. & Buchholz, W. & Tungodden, B., 1999. "Justifying Sustainability," Papers 5/99, Norwegian School of Economics and Business Administration-.
    5. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 647-685, December.
    6. Woodward, Richard T., 1999. "Sustainability As Intergenerational Fairness," Faculty Paper Series 24014, Texas A&M University, Department of Agricultural Economics.
    7. 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.
    8. Lanzer, Edgar A. & Paris, Quirino & Williams, William A., 1987. "A Nonsubstitution Dynamic Model for Optimal Fertilizer Recommendations," Monographs, University of California, Davis, Giannini Foundation, number 11938.
    9. Chichilnisky, Graciela & Heal, Geoffrey & Beltratti, Andrea, 1995. "The Green Golden Rule," Economics Letters, Elsevier, vol. 49(2), pages 175-179, August.
    10. Llewelyn, Richard V. & Featherstone, Allen M., 1997. "A comparison of crop production functions using simulated data for irrigated corn in western Kansas," Agricultural Systems, Elsevier, vol. 54(4), pages 521-538, August.
    11. repec:cup:cbooks:9780521842723 is not listed on IDEAS
    12. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
    13. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(2), pages 257-65.
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