Valuing the future: economic theory and sustainability
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York
Columbia Univ. Press
1998
|
| Schriftenreihe: | Economics for a sustainable earth series
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIII, 226 S. graph. Darst. |
| ISBN: | 9780231113076 0231113064 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text | Economic Theory and
Sustainability
Geoffrey Heal
Columbia University Press • New York
Contents
Preface
What Is Sustainability?
History of Sustainability
Possible Formalizations
Limitations of Earlier Approaches
Discounted Utilitarianism
Sustainability: A Preliminary Definition
Valuing Environmental Assets
The Analytical Framework
Summary
Outline of the Book
Conclusions
1 10 1 Conservation
1 10 2 Valuation
1 10 3 National Income
XI
PART I SUSTAINABILITY WITHIN A CLASSICAL FRAMEWORK
Chapter 2 The Classical Formulation 27
2 1 Declining Discount Rate 30
2 2 Conclusion 31
2 3 Hamiltonians and Adjoint Variables 32
Chapter 3 Valuing a Depletable Stock 36
3 1 Corner Solutions 37
3 2 Optimal Paths 38
3 3 The Green Golden Rule 43
vi • Contents
3 4 The Rawlsian Optimum 44
3 5 Nonseparable Utility Functions 44
3 6 Summary 45
Chapter 4 Renewable Resources 46
4 1 Stationary Solutions 48
4 2 Dynamic Behavior 50
4 3 The Green Golden Rule 52
4 4 Ecological Stability 53
4 5 The Rawlsian Solution 55
4 6 Conclusions 55
PART II A BROADER PERSPECTIVE
Chapter 5 Alternatives to Utilitarianism 58
5 1 Formalizing Utilitarianism 60
5 2 Empirical Evidence 61
5 3 Logarithmic Discounting and the Weber-Fechner
Law 62
5 4 Zero Discount Rate 63
5 5 Overtaking 65
5 6 Limiting Payoffs 68
5 7 Chichilnisky s Criterion 69
571 Comparison with Overtaking 73
572 Constancy of Discount Rates 74
5 8 The Rawlsian Criterion 76
5 9 Discounting Utility or Consumption? 76
5 10 Final Comments 79
Chapter 6 Depletion Revisited 81
6 1 Optimization with Chichilnisky s Criterion 82
6 2 Conservation and the Chichilnisky Criterion 89
6 3 Differences from Utilitarian Optima 91
6 4 Overtaking 92
Chapter 7 Renewable Resources Revisited 94
7 1 Constant Discount Rates 94
7 2 Declining Discount Rates 98
721 Examples 103
722 Empirical Evidence on Declining Discount
Rates 103
Contents • vii
Time Consistency
731 Time Consistency and Chichilnisky s
Criterion
732 Asymptotic Time Consistency
733 Is Consistency Desirable?
Overtaking
Equal Treatment over Finite Horizons
Summary
Investment in a Backstop
The Model
Utilitarian Investment
821 Optimality After the Backstop
822 Optimality When the Stock Is Exhausted
823 Optimality Before the Stock Is Exhausted
Solving the Problem Recursively
831 Investing for the Long Run: The Green
Golden Rule
832 The Rawlsian Solution
833 Investing for Present and Future
834 Overtaking
835 Choosing When to Invest
Conclusions
PART III CAPITAL ACCUMULATION
Chapter 9 Exhaustibility and Accumulation 128
9 1 The Utilitarian Optimum 129
911 Stationary Solutions 131
912 Dynamics of the Utilitarian Optimum 132
9 2 The Green Golden Rule 135
9 3 The Chichilnisky Criterion 137
9 4 Conclusion 140
Chapter 10 Capital and Renewable Resources 141
10 1 The Utilitarian Optimum 142
10 1 1 Stationary Solutions 142
10 1 2 Dynamics of the Utilitarian Solution 145
10 2 The Green Golden Rule 146
10 3 The Chichilnisky Criterion 150
10 4 Conclusions 152
viii • Contents
PART IV POLICY ISSUES
Chapter 11 Measuring National Income 155
11 1 Introduction 155
11 2 Two Concepts of National Income 156
11 3 A General Model 158
11 4 Hicksian Income and the Hamiltonian 159
11 4 1 Constant Discount Rates 159
11 4 2 Time-Vary ing Discount Rates 162
11 5 The Linearized Hamiltonian 163
11 5 1 Consumption and Hicksian National
Income 167
11 5 2 Hicksian Income and the Discount Rate 168
11 6 Hicksian Income and Resources 168
11 6 1 Exhaustible Resources 168
11 6 2 Renewable Resources 171
11 6 3 National Income and Capital
Accumulation 171
11 7 Nonutilitarian Objectives 173
Chapter 12 National Welfare 175
12 1 A Mathematical Framework 175
12 2 National Welfare and Resources 180
12 2 1 National Welfare and Hicksian
Income in the Hotelling Case 180
12 2 2 Exhaustible Resources and National
Welfare 182
12 2 3 Renewable Resources and National
Welfare 183
12 2 4 National Welfare and Capital
Accumulation 184
12 3 Chichilnisky s Criterion 185
12 4 Sustainable Revenues and National Income 189
12 5 Summary 193
Chapter 13 Project Evaluation 196
13 1 Exhaustible Resources 197
13 1 1 Initial Shadow Prices 198
13 1 2 Final Shadow Prices 201
13 2 Renewable Resources 202
Contents • ix
13 3 Sustainable Net Benefits 204
13 4 Investing in a Backstop Technology 205
13 5 Conclusions 206
Appendix 208
A I Existence of a Solution for the Exhaustible
Resource Case 208
A 2 Existence of a Solution for the Renewable
Resource Case 210
References 213
Index 224
|
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| isbn | 9780231113076 0231113064 |
| language | English |
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| spelling | Heal, Geoffrey 1944- Verfasser (DE-588)11556098X aut Valuing the future economic theory and sustainability Geoffrey Heal New York Columbia Univ. Press 1998 XIII, 226 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economics for a sustainable earth series Duurzame ontwikkeling gtt Développement durable Milieueconomie gtt Nachhaltigkeit Sustainable development Umweltschutz (DE-588)4061644-7 gnd rswk-swf Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf Wirtschaftsmodell (DE-588)4079348-5 gnd rswk-swf Nachhaltigkeit (DE-588)4326464-5 gnd rswk-swf Wirtschaftsmodell (DE-588)4079348-5 s Umweltschutz (DE-588)4061644-7 s Nachhaltigkeit (DE-588)4326464-5 s DE-604 Wirtschaftstheorie (DE-588)4079351-5 s DE-188 HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008446402&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Heal, Geoffrey 1944- Valuing the future economic theory and sustainability Duurzame ontwikkeling gtt Développement durable Milieueconomie gtt Nachhaltigkeit Sustainable development Umweltschutz (DE-588)4061644-7 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd Wirtschaftsmodell (DE-588)4079348-5 gnd Nachhaltigkeit (DE-588)4326464-5 gnd |
| subject_GND | (DE-588)4061644-7 (DE-588)4079351-5 (DE-588)4079348-5 (DE-588)4326464-5 |
| title | Valuing the future economic theory and sustainability |
| title_auth | Valuing the future economic theory and sustainability |
| title_exact_search | Valuing the future economic theory and sustainability |
| title_full | Valuing the future economic theory and sustainability Geoffrey Heal |
| title_fullStr | Valuing the future economic theory and sustainability Geoffrey Heal |
| title_full_unstemmed | Valuing the future economic theory and sustainability Geoffrey Heal |
| title_short | Valuing the future |
| title_sort | valuing the future economic theory and sustainability |
| title_sub | economic theory and sustainability |
| topic | Duurzame ontwikkeling gtt Développement durable Milieueconomie gtt Nachhaltigkeit Sustainable development Umweltschutz (DE-588)4061644-7 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd Wirtschaftsmodell (DE-588)4079348-5 gnd Nachhaltigkeit (DE-588)4326464-5 gnd |
| topic_facet | Duurzame ontwikkeling Développement durable Milieueconomie Nachhaltigkeit Sustainable development Umweltschutz Wirtschaftstheorie Wirtschaftsmodell |
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