Abstract

http://ssrn.com/abstract=1726863
 
 

References (56)



 
 

Citations (5)



 


 



Avoiding Extinction: Equal Treatment of the Present and the Future


Graciela Chichilnisky


Columbia University

2009

Economics: The Open-Access, Open-Assessment E-Journal, Vol. 3, 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. --

Number of Pages in PDF File: 26

Keywords: 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 Classification: H43, Q51, Q54

Accepted Paper Series


Download This Paper

Date posted: December 18, 2010  

Suggested Citation

Chichilnisky, Graciela, Avoiding Extinction: Equal Treatment of the Present and the Future (2009). Economics: The Open-Access, Open-Assessment E-Journal, Vol. 3, 2009-32. Available at SSRN: http://ssrn.com/abstract=1726863 or http://dx.doi.org/10.5018/economics-ejournal.ja.2009-32

Contact Information

Graciela Chichilnisky (Contact Author)
Columbia University ( email )
3022 Broadway
New York, NY 10027
United States
212 678 1148 (Phone)
212 678 0405 (Fax)
HOME PAGE: http://www.chilchilnisky.com
Feedback to SSRN


Paper statistics
Abstract Views: 259
Downloads: 19
References:  56
Citations:  5

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo5 in 0.235 seconds