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| Author: | Gerlagh, R. Keyzer, M. A. |
| Title: | Efficiency of Conservationist Measures: an Optimist Viewpoint |
| Journal: | Journal of Environmental Economics and Management
2003 : SEP, VOL. 46:2, p. 310-333 |
| Index terms: | ENVIRONMENTAL POLICY MODELS WELFARE JUSTICE CONSERVATION |
| Language: | eng |
| Abstract: | The authors consider an economy with a consumer good, capital, a natural resource that provides amenity values, and heterogeneous overlapping generations. The authors compare a benchmark grandfathering policy that ensures efficiency through privatization with a policy of enforced resource conservation. It is shown that conservationist measures do not cause any Pareto inefficiency, irrespective of whether they pass a cost-benefit test. Moreover, it is shown that there exist Pareto optimal allocations that can only be reached through resource conservation. Finally, equivalence is demonstrated between strict resource conservation and non-dictatorship of the present generations over future generations as formalized in Chichilnisky's 'sustainable welfare function'. |
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