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SUSTAINABILITY AS INTERGENERATIONAL FAIRNESS

Richard Woodward

No 24014, Faculty Paper Series from Texas A&M University, Department of Agricultural Economics

Abstract: This paper presents an economic model of sustainability defined as intergenerational fairness. Assuming that intergenerational fairness is an obligation of each generation, a recursive optimization problem is obtained. The problem has the advantage that uncertainty can readily be incorporated in the model and it can be solved numerically for a wide range of specifications. The possibility of tradeoffs between efficiency and sustainability are discussed. Under plausible conditions, it is show that a sustainability obligation is met only if there is the expectations of economic growth.

Keywords: Agribusiness (search for similar items in EconPapers)
Pages: 27
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:ags:tamufp:24014

DOI: 10.22004/ag.econ.24014

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