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On the Problem of Achieving Efficiency and Equity, Intergenerationally

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  • Talbot Page

Abstract

The paper compares two approaches to the problem of achieving the social goals of sustainability and intergenerational efficiency. The first is a separated approach, where the results of standard benefit-cost analysis are (later) combined with intergenerational equity considerations. The second, in the tradition of institutional design, is an integrated approach, where efficiency and equity considerations are combined from the start. It appears that several well-known problems with discounting can be avoided or mitigated by the second approach.

Suggested Citation

  • Talbot Page, 1997. "On the Problem of Achieving Efficiency and Equity, Intergenerationally," Land Economics, University of Wisconsin Press, vol. 73(4), pages 580-596.
    • Handle: RePEc:uwp:landec:v:73:y:1997:i:4:p:580-596
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    Cited by:

    1. Charlotte Demonsant, 2020. "Overcoming the tragedy of climate change: An examination of a managerial rule of solidarity," Post-Print hal-03063693, HAL.
    2. Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," RFF Working Paper Series dp-02-03, Resources for the Future.
    3. Kevin N. Griffith & Lawrence M. Scheier, 2013. "Did We Get Our Money’s Worth? Bridging Economic and Behavioral Measures of Program Success in Adolescent Drug Prevention," IJERPH, MDPI, vol. 10(11), pages 1-28, November.
    4. Pasqual, Joan & Souto, Guadalupe, 2003. "Sustainability in natural resource management," Ecological Economics, Elsevier, vol. 46(1), pages 47-59, August.
    5. Anderson, Mark W. & Teisl, Mario & Noblet, Caroline, 2012. "Giving voice to the future in sustainability: Retrospective assessment to learn prospective stakeholder engagement," Ecological Economics, Elsevier, vol. 84(C), pages 1-6.
    6. Vatn, Arild, 2009. "An institutional analysis of methods for environmental appraisal," Ecological Economics, Elsevier, vol. 68(8-9), pages 2207-2215, June.
    7. Anne van Aaken & Janis Antonovics & Susan Rose-Ackerman, 2016. "The Limits of Cost/Benefit Analysis When Disasters Loom," Global Policy, London School of Economics and Political Science, vol. 7, pages 56-66, May.
    8. Sinden, Jack A., 2003. "Who Pays to Protect Native Vegetation? Costs to Farmers in Moree Plains Shire, New South Wales," Working Papers 12951, University of New England, School of Economics.
    9. Iglesias, Eva, 2002. "La gestion de las aguas subterraneas en el acuifero Mancha Occidental," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 2(01), pages 1-20.
    10. Amy Sinden & Douglas A. Kysar & David M. Driesen, 2009. "Cost–benefit analysis: New foundations on shifting sand," Regulation & Governance, John Wiley & Sons, vol. 3(1), pages 48-71, March.
    11. Scott, Antony, 1999. "Trust law, sustainability, and responsible action," Ecological Economics, Elsevier, vol. 31(1), pages 139-154, October.
    12. Hepburn, Cameron J. & Koundouri, Phoebe, 2007. "Recent advances in discounting: Implications for forest economics," Journal of Forest Economics, Elsevier, vol. 13(2-3), pages 169-189, August.
    13. Cameron Hepburn & Greer Gosnell, 2014. "Evaluating impacts in the distant future: cost–benefit analysis, discounting and the alternatives," Chapters, in: Giles Atkinson & Simon Dietz & Eric Neumayer & Matthew Agarwala (ed.), Handbook of Sustainable Development, chapter 9, pages 140-159, Edward Elgar Publishing.

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