EconStor >
Institut für Weltwirtschaft (IfW), Kiel >
Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/27726
  
Title:Avoiding extinction: equal treatment of the present and the future PDF Logo
Authors:Chichilnisky, Graciela
Issue Date:2009
Citation:[Journal:] Economics: The Open-Access, Open-Assessment E-Journal [Volume:] 3 [Issue:] 2009-32 [Pages:] 1-25 [DOI/URN:] doi:10.5018/economics-ejournal.ja.2009-32
Abstract:Equal treatment for the present and the future was required in two axioms introduced in the articles by Chichilnisky of the years 1996 and 1997. These articles provide a characterization of the decision criterion that satisfies the axioms and shows that the two axioms are equivalent to physical limits in the long-run future. The author proves that maximizing discounted utility with a long-run survival constraint is equivalent to maximizing a criterion that treats equally the present and the future. The equal treatment axioms are therefore the essence of sustainable development. The weight given to the long-run future is here identified with the marginal utility of the environmental asset along a path that narrowly misses extinction. An existence theorem is also provided for optimizing according to the welfare criterion that treats equally the present and the future. The author shows that no prior welfare criteria satisfy the axioms for sustainable development introduced in her article of the year 1996.
Subjects:Sustainable development
sustainable preferences
axioms for sustainable development
long-run discounting
dictatorship of the present and the future
extinction, equal treatment for the present and the future
long-run optimization
JEL:H43
Q51
Q54
Persistent Identifier of the first edition:doi:10.5018/economics-ejournal.ja.2009-32
Creative Commons License:http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type:Article
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles

Files in This Item:
File Description SizeFormat
606257918.PDF503.92 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/27726

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.