The environment and the long run: A comparison of different criteria
Ws use growth models with natural resources to study the con- sequences of a ranking of intertemporal paths, due to Chichilnisky, which places weight on their very long run or limiting characteristics as well as on their characteristics over any finite period. This criterion shows more intertemporal symmetry or egalitarianism than the dis- counted utilitarian approach, which dearly emphasizes the immediate future at the expense of the long run. In this respect it captures the concerns of those who argue for sustainability and for a heightened sense of responsibility to the future. In some of the examples that we consider, the long-run characteristics of paths optimal by this criterion are a mixture of those of utilitarian paths and the "green golden rule" (the configuration which maximizes long-run sustainable utility from consumption and environment).
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- Chichilnisky Graciela & Heal Geoffrey M., 1993. "Competitive Equilibrium in Sobolev Spaces without Bounds on Short Sales," Journal of Economic Theory, Elsevier, vol. 59(2), pages 364-384, April.
- Chichilnisky, Graciela & Heal, Geoffrey & Beltratti, Andrea, 1995. "The Green Golden Rule," Economics Letters, Elsevier, vol. 49(2), pages 175-179, August.
- Heal, Geoffrey M., 1993.
"The optimal use of exhaustible resources,"
Handbook of Natural Resource and Energy Economics,
in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 18, pages 855-880
- Partha Dasgupta & Geoffrey Heal & Joseph E. Stiflitx, 1980. "The Taxation of Exhaustible Resources," NBER Working Papers 0436, National Bureau of Economic Research, Inc.
- Graciela Chichilnisky, 1997. "What Is Sustainable Development?," Land Economics, University of Wisconsin Press, vol. 73(4), pages 467-491.
- R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
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