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Irreversibility, ignorance, and the intergenerational equity-efficiency trade-off
| Content Provider | Semantic Scholar |
|---|---|
| Author | Hoberg, Nikolai Baumgärtner, Stefan |
| Copyright Year | 2011 |
| Abstract | We demonstrate the existence of an intergenerational equity-efficiency tradeoff in policy-making that aims at Pareto-efficiency across generations and sustainability, i.e. non-decreasing utility over time. Our model includes two salient characteristics of sustainability problems and policy: (i) temporal irreversibility, i.e. the inability to revise one’s past actions; (ii) closed ignorance, i.e. future consequences of present actions in human-environment systems may be “unknown unknowns”. If initially unforeseen sustainability problems become apparent and policy is enacted after irreversible actions were taken, policy-making faces a fundamental trade-off between intergenerational Pareto-efficiency and sustainability. JEL-Classification: D3, H23, Q01, Q38, Q56 |
| File Format | PDF HTM / HTML |
| DOI | 10.2139/ssrn.1764443 |
| Alternate Webpage(s) | https://www.econstor.eu/bitstream/10419/57153/1/65492662X.pdf |
| Alternate Webpage(s) | https://www.unamur.be/en/eco/eeco/pdf/ReactionPotential_2013-03-19.pdf |
| Alternate Webpage(s) | http://fox.leuphana.de/portal/files/5072960/Hoberg_Baumgaertner_ReactionPotential_EEA_2013_02_15.pdf |
| Alternate Webpage(s) | https://www.leuphana.de/fileadmin/user_upload/Forschungseinrichtungen/ifvwl/WorkingPapers/wp_198_Upload.pdf |
| Alternate Webpage(s) | https://doi.org/10.2139/ssrn.1764443 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
