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|Title: ||Sustainability Constraint and the Equitable Intergenerational Allocation of an Exhaustible Resource|
|Authors: ||CAI, Dapeng|
|Issue Date: ||30-Jun-2003|
|Citation: ||経済科学. v.51, n.1, 2003, p.129-147|
|Abstract: ||Inadequate attention has been given to equity considerations concerning the intergenerational allocation of an exhaustible resource. Existing literature focuses primarily on intertemporal allocative efficiency and considers exclusively the welfare of the current generation. However, this efficiency-oriented approach generally leads to efficient, yet 'beggar-thy-progeny' outcomes. In this paper we propose a new approach that bluntly addresses the intergenerational equity concerns. We argue that a sustainability constraint, which specifies both the needs and obligations of each generation, has to be integrated into the discussion. We demonstrate how to impose such a constraint to discriminate a sustainable path, or paths, according to particular social objectives. We also compare the tradeoffs between the gains (levels of intergenerational equity achieved) and sacrifices (amounts of intergenerational transfers made) of various policy proposals.|
|Appears in Collections:||経済科学 (The Economic Science)|
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