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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/26128
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| Title: | | Pareto optimality in the extraction of fossil fuels and the greenhouse effect: a note  |
| Authors: | | Sinn, Hans-Werner |
| Issue Date: | | 2007 |
| Series/Report no.: | | CESifo working paper 2083 |
| Abstract: | | This note generalizes the Solow-Stiglitz efficiency condition for natural resources to the problem of fossil fuel extraction with a greenhouse effect. The generalized optimality condition suggests that the greenhouse effect implies overextraction in the sense of leaving future generations a wrongly composed wealth portfolio with too few natural resources relative to man-made capital. This judgment is independent of societys ethical preferences concerning the well-being of future generations. |
| JEL: | | O13 Q32 Q54 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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