Valuing the Future Economic Theory and Sustainability

Name: Valuing the Future Economic Theory and Sustainability
Price: 60.87 USD
Availability: InStock
ISBN: 9780231113069

ISBN-10: 0231113064

ISBN-13: 9780231113069

Edition: 1998

Authors: Geoffrey Heal

List price: $65.00

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Description:

Heal presents a coherent framework for understanding the Earth's future from an economic perspective and offers a dynamic new blueprint for comprehending sustainability.

Book details

List price: $65.00
Copyright year: 1998
Publisher: Columbia University Press
Binding: Hardcover
Pages: 240
Size: 6.50" wide x 9.50" long x 0.75" tall
Weight: 1.144
Language: English

Laura Wexler is professor of American studies and women's, gender, and sexuality studies at Yale University.Geoffrey Heal is Garrett Professor of Public Policy and Business Responsibility and professor of economics and finance of the Graduate School of Business at Columbia University. A past president of the Association of Environmental and Resource Economists, he is the author of many scientific articles and thirteen books, including Economic Theory and Exhaustible Resourcesand Nature and the Marketplace.

Preface	p. xi
What Is Sustainability?	p. 1
History of Sustainability	p. 5
Possible Formalizations	p. 7
Limitations of Earlier Approaches	p. 11
Discounted Utilitarianism	p. 12
Sustainability: A preliminary Definition	p. 13
Valuing Environmental Assets	p. 14
The Analytical Framework	p. 20
Summary	p. 21
Outline of the Book	p. 21
Conclusions	p. 24
Conservation	p. 24
Valuation	p. 25
National Income	p. 25
Sustainability within a Classical Framework
The Classical Formulation	p. 27
Declining Discount Rate	p. 30
Conclusion	p. 31
Hamiltonians and Adjoint Variables	p. 32
Valuing a Depletable Stock	p. 36
Corner Solutions	p. 37
Optimal Paths	p. 38
The Green Golden Rule	p. 43
The Rawlsian Optimum	p. 44
Nonseparable Utility Functions	p. 44
Summary	p. 45
Renewable Resources	p. 46
Stationary Solutions	p. 48
Dynamic Behavior	p. 50
The Green Golden Rule	p. 52
Ecological Stability	p. 53
The Rawlsian Solution	p. 55
Conclusions	p. 55
A Broader Perspective
Alternatives to Utilitarianism	p. 58
Formalizing Utilitarianism	p. 60
Empirical Evidence	p. 61
Logarithmic Discounting and the Weber-Fechner Law	p. 62
Zero Discount Rate	p. 63
Overtaking	p. 65
Limiting Payoffs	p. 68
Chichilnisky's Criterion	p. 69
Comparison with Overtaking	p. 73
Constancy of Discount Rates	p. 74
The Rawlsian Criterion	p. 76
Discounting Utility or Consumption?	p. 76
Final Comments	p. 79
Depletion Revisited	p. 81
Optimization with Chichilnisky's Criterion	p. 82
Conservation and the Chichilnisky Criterion	p. 89
Differences from Utilitarian Optima	p. 91
Overtaking	p. 92
Renewable Resources Revisited	p. 94
Constant Discount Rates	p. 94
Declining Discount Rates	p. 98
Examples	p. 103
Empirical Evidence on Declining Discount Rates	p. 103
Time Consistency	p. 104
Time Consistency and Chichilnisky's Criterion	p. 107
Asymptotic Time Consistency	p. 107
Is Consistency Desirable?	p. 109
Overtaking	p. 110
Equal Treatment over Finite Horizons	p. 111
Summary	p. 112
Investment in a Backstop	p. 115
The Model	p. 117
Utilitarian Investment	p. 118
Optimality After the Backstop	p. 118
Optimality When the Stock Is Exhausted	p. 119
Optimality Before the Stock is Exhausted	p. 119
Solving the Problem Recursively	p. 120
Investing for the Long Run: The Green Golden Rule	p. 122
The Rawlsian Solution	p. 123
Investing for Present and Future	p. 123
Overtaking	p. 125
Choosing When to Invest	p. 125
Conclusions	p. 126
Capital Accumulation
Exhaustibility and Accumulation	p. 128
The Utilitarian Optimum	p. 129
Stationary Solutions	p. 131
Dynamics of the Utilitarian Optimum	p. 132
The Green Golden Rule	p. 135
The Chichilnisky Criterion	p. 137
Conclusion	p. 140
Capital and Renewable Resources	p. 141
The Utilitarian Optimum	p. 142
Stationary Solutions	p. 142
Dynamics of the Utilitarian Solution	p. 145
The Green Golden Rule	p. 146
The Chichilnisky Criterion	p. 150
Conclusions	p. 152
Policy Issues
Measuring National Income	p. 155
Introduction	p. 155
Two Concepts of National Income	p. 156
A General Model	p. 158
Hicksian Income and the Hamiltonian	p. 159
Constant Discount Rates	p. 159
Time-Varying Discount Rates	p. 162
The Linearized Hamiltonian	p. 163
Consumption and Hicksian National Income	p. 167
Hicksian Income and the Discount Rate	p. 168
Hichsian Income and Resouces	p. 168
Exhaustible Resources	p. 168
Renewable Resources	p. 171
National Income and Capital Accumulation	p. 171
Nonutilitarian Objectives	p. 173
National Welfare	p. 175
A Mathematical Framework	p. 175
National Welfare and Resources	p. 180
National Welfare and Hicksian Income in the Hotelling Case	p. 180
Exhaustible Resources and National Welfare	p. 182
Renewable Resources and National Welfare	p. 183
National Welfare and Capital Accumulation	p. 184
Chichilnisky's Criterion	p. 185
Sustainable Revenues and National Income	p. 189
Summary	p. 193
Project Evaluation	p. 196
Exhaustible Resources	p. 197
Initial Shadow Prices	p. 198
Final Shadow Prices	p. 201
Renewable Resources	p. 202
Sustainable Net Benefits	p. 204
Investing in a Backstop Technology	p. 205
Conclusions	p. 206
Appendix	p. 208
Existence of a Solution for the Exhaustible Resource Case	p. 208
Existence of a Solution for the Renewable Resource Case	p. 210
References	p. 213
Index	p. 224
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