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| Preface | |
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| What Is Sustainability? | |
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| History of Sustainability | |
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| Possible Formalizations | |
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| Limitations of Earlier Approaches | |
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| Discounted Utilitarianism | |
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| Sustainability: A preliminary Definition | |
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| Valuing Environmental Assets | |
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| The Analytical Framework | |
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| Summary | |
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| Outline of the Book | |
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| Conclusions | |
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| Conservation | |
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| Valuation | |
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| National Income | |
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| Sustainability within a Classical Framework | |
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| The Classical Formulation | |
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| Declining Discount Rate | |
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| Conclusion | |
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| Hamiltonians and Adjoint Variables | |
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| Valuing a Depletable Stock | |
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| Corner Solutions | |
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| Optimal Paths | |
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| The Green Golden Rule | |
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| The Rawlsian Optimum | |
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| Nonseparable Utility Functions | |
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| Summary | |
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| Renewable Resources | |
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| Stationary Solutions | |
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| Dynamic Behavior | |
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| The Green Golden Rule | |
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| Ecological Stability | |
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| The Rawlsian Solution | |
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| Conclusions | |
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| A Broader Perspective | |
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| Alternatives to Utilitarianism | |
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| Formalizing Utilitarianism | |
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| Empirical Evidence | |
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| Logarithmic Discounting and the Weber-Fechner Law | |
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| Zero Discount Rate | |
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| Overtaking | |
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| Limiting Payoffs | |
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| Chichilnisky's Criterion | |
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| Comparison with Overtaking | |
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| Constancy of Discount Rates | |
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| The Rawlsian Criterion | |
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| Discounting Utility or Consumption? | |
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| Final Comments | |
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| Depletion Revisited | |
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| Optimization with Chichilnisky's Criterion | |
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| Conservation and the Chichilnisky Criterion | |
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| Differences from Utilitarian Optima | |
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| Overtaking | |
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| Renewable Resources Revisited | |
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| Constant Discount Rates | |
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| Declining Discount Rates | |
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| Examples | |
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| Empirical Evidence on Declining Discount Rates | |
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| Time Consistency | |
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| Time Consistency and Chichilnisky's Criterion | |
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| Asymptotic Time Consistency | |
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| Is Consistency Desirable? | |
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| Overtaking | |
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| Equal Treatment over Finite Horizons | |
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| Summary | |
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| Investment in a Backstop | |
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| The Model | |
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| Utilitarian Investment | |
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| Optimality After the Backstop | |
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| Optimality When the Stock Is Exhausted | |
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| Optimality Before the Stock is Exhausted | |
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| Solving the Problem Recursively | |
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| Investing for the Long Run: The Green Golden Rule | |
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| The Rawlsian Solution | |
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| Investing for Present and Future | |
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| Overtaking | |
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| Choosing When to Invest | |
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| Conclusions | |
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| Capital Accumulation | |
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| Exhaustibility and Accumulation | |
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| The Utilitarian Optimum | |
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| Stationary Solutions | |
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| Dynamics of the Utilitarian Optimum | |
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| The Green Golden Rule | |
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| The Chichilnisky Criterion | |
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| Conclusion | |
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| Capital and Renewable Resources | |
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| The Utilitarian Optimum | |
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| Stationary Solutions | |
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| Dynamics of the Utilitarian Solution | |
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| The Green Golden Rule | |
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| The Chichilnisky Criterion | |
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| Conclusions | |
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| Policy Issues | |
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| Measuring National Income | |
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| Introduction | |
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| Two Concepts of National Income | |
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| A General Model | |
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| Hicksian Income and the Hamiltonian | |
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| Constant Discount Rates | |
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| Time-Varying Discount Rates | |
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| The Linearized Hamiltonian | |
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| Consumption and Hicksian National Income | |
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| Hicksian Income and the Discount Rate | |
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| Hichsian Income and Resouces | |
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| Exhaustible Resources | |
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| Renewable Resources | |
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| National Income and Capital Accumulation | |
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| Nonutilitarian Objectives | |
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| National Welfare | |
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| A Mathematical Framework | |
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| National Welfare and Resources | |
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| National Welfare and Hicksian Income in the Hotelling Case | |
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| Exhaustible Resources and National Welfare | |
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| Renewable Resources and National Welfare | |
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| National Welfare and Capital Accumulation | |
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| Chichilnisky's Criterion | |
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| Sustainable Revenues and National Income | |
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| Summary | |
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| Project Evaluation | |
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| Exhaustible Resources | |
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| Initial Shadow Prices | |
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| Final Shadow Prices | |
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| Renewable Resources | |
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| Sustainable Net Benefits | |
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| Investing in a Backstop Technology | |
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| Conclusions | |
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| Appendix | |
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| Existence of a Solution for the Exhaustible Resource Case | |
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| Existence of a Solution for the Renewable Resource Case | |
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| References | |
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| Index | |