Valuing the Future: Economic Theory and SustainabilityColumbia University Press, 1998 - Всего страниц: 226 With issues like global warming and the loss of biodiversity becoming increasingly important to policymakers and scientists worldwide, the issue of sustainability cannot be ignored as we move toward the twenty-first century. Not surprisingly, the sustainable management of the biosphere has in recent years been the subject of much attention among ecologists, environmental engineers, and other members of the scientific community. Yet although these issues are clearly rooted in economic behavior and organization, the question of sustainability is not one that has been addressed directly by economists. Now, with Valuing the Future, economist Geoffrey Heal presents a coherent framework for understanding the earth's future from an economic perspective. Heal's model begins with a reconciliation of the economist's and environmentalist's time horizon: in economics, discussions of "the long run" generally refer to a much shorter timeline than do those of the earth sciences. The book shows the benefits of viewing the environment as an economic asset that should be understood as a part of a nation's income and explains how this approach can lead to more conservative patterns of resource use. Stepping beyond merely theoretical generalities, Valuing the Future offers a dynamic new blueprint for comprehending sustainability. Chapters provide complete mathematical templates for the valuation of a depletable stock and of renewable resources, the proper calculation of national income, and the conduct of cost-benefit analysis. It will be of great value to economic theorists, environmental economists and policymakers, providing a powerful new model for scientists concerned with environmental sustainability. |
Содержание
What Is Sustainability? | 1 |
11 History of Sustainability | 5 |
12 Possible Formalizations | 7 |
13 Limitations of Earlier Approaches | 11 |
14 Discounted Utilitarianism | 12 |
A Preliminary Definition | 13 |
16 Valuing Environmental Assets | 14 |
17 The Analytical Framework | 20 |
Investment in a Backstop | 115 |
81 The Model | 117 |
82 Utilitarian Investment | 118 |
822 Optimality When the Stock Is Exhausted | 119 |
83 Solving the Problem Recursively | 120 |
The Green Golden Rule | 122 |
832 The Rawlsian Solution | 123 |
834 Overtaking | 125 |
18 Summary | 21 |
110 Conclusions | 24 |
1102 Valuation | 25 |
The Classical Formulation | 27 |
21 Declining Discount Rate | 30 |
22 Conclusion | 31 |
23 Hamiltonians and Adjoint Variables | 32 |
Valuing a Depletable Stock | 36 |
31 Corner Solutions | 37 |
32 Optimal Paths | 38 |
33 The Green Golden Rule | 43 |
34 The Rawlsian Optimum | 44 |
36 Summary | 45 |
Renewable Resources | 46 |
41 Stationary Solutions | 48 |
42 Dynamic Behavior | 50 |
43 The Green Golden Rule | 52 |
44 Ecological Stability | 53 |
45 The Rawlsian Solution | 55 |
Alternatives to Utilitarianism | 58 |
51 Formalizing Utilitarianism | 60 |
52 Empirical Evidence | 61 |
53 Logarithmic Discounting and the WeberFechner Law | 62 |
54 Zero Discount Rate | 63 |
55 Overtaking | 65 |
56 Limiting Payoffs | 68 |
57 Chichilniskys Criterion | 69 |
571 Comparison with Overtaking | 73 |
572 Constancy of Discount Rates | 74 |
58 The Rawlsian Criterion | 76 |
510 Final Comments | 79 |
Depletion Revisited | 81 |
61 Optimization with Chichilniskys Criterion | 82 |
62 Conservation and the Chichilnisky Criterion | 89 |
63 Differences from Utilitarian Optima | 91 |
64 Overtaking | 92 |
Renewable Resources Revisited | 94 |
72 Declining Discount Rates | 98 |
721 Examples | 103 |
73 Time Consistency | 104 |
731 Time Consistency and Chichilniskys Criterion | 107 |
733 Is Consistency Desirable? | 109 |
74 Overtaking | 110 |
75 Equal Treatment over Finite Horizons | 111 |
76 Summary | 112 |
84 Conclusions | 126 |
Exhaustibility and Accumulation | 128 |
91 The Utilitarian Optimum | 129 |
911 Stationary Solutions | 131 |
912 Dynamics of the Utilitarian Optimum | 132 |
92 The Green Golden Rule | 135 |
93 The Chichilnisky Criterion | 137 |
94 Conclusion | 140 |
Capital and Renewable Resources | 141 |
101 The Utilitarian Optimum | 142 |
1012 Dynamics of the Utilitarian Solution | 145 |
102 The Green Golden Rule | 146 |
103 The Chichilnisky Criterion | 150 |
104 Conclusions | 152 |
Measuring National Income | 155 |
112 Two Concepts of National Income | 156 |
113 A General Model | 158 |
1142 TimeVarying Discount Rates | 162 |
115 The Linearized Hamiltonian | 163 |
1151 Consumption and Hicksian National Income | 167 |
1152 Hicksian Income and the Discount Rate | 168 |
1162 Renewable Resources | 171 |
117 Nonutilitarian Objectives | 173 |
National Welfare | 175 |
122 National Welfare and Resources | 180 |
1221 National Welfare and Hicksian Income in the Hotelling Case | 181 |
1222 Exhaustible Resources and National Welfare | 182 |
2223 Renewable Resources and National Welfare | 183 |
1224 National Welfare and Capital Accumulation | 184 |
123 Chichilniskys Criterion | 185 |
124 Sustainable Revenues and National Income | 189 |
125 Summary | 193 |
Project Evaluation | 196 |
131 Exhaustible Resources | 197 |
1311 Initial Shadow Prices | 198 |
1312 Final Shadow Prices | 201 |
132 Renewable Resources | 202 |
133 Sustainable Net Benefits | 204 |
134 Investing in a Backstop Technology | 205 |
135 Conclusions | 206 |
Appendix | 208 |
A2 Existence of a Solution for the Renewable Resource Case | 210 |
References | 213 |
224 | |
Другие издания - Просмотреть все
Часто встречающиеся слова и выражения
alternative asymptotically backstop biodiversity capital accumulation capital stock chapter Chichilnisky Chichilnisky's criterion concept Consider constraint consumption discount rate consumption level context Dasgupta and Heal defined definition discount factor dt s.t. economic environmental assets equal equation exhaustible resource feasible paths figure first-order conditions Formally framework future goes to zero Graciela green golden rule Hamiltonian Hicksian income Hicksian national income Hotelling implies increase indifference curve initial stock intertemporal intuitive investment lim u(Ct limiting utility value linear long run marginal utility maximand maximization maximum sustainable utility maximum sustainable yield national welfare natural capital optimal path optimization problem overtaking criterion payoff pc(t present value PROPOSITION r(St ranking rate of change Rawlsian renewable resources resource stock satisfies shadow price stocks and flows sustainable utility level term utilitarian optimum utilitarian problem utilitarian solution utility function utility of consumption variable welfare economics zero discount rate λε
Ссылки на эту книгу
Cost-Benefit Analysis and the Environment Recent Developments: Recent ... OECD Недоступно для просмотра - 2006 |