1 option
Pareto Optimality in the Extraction of Fossil Fuels and the Greenhouse Effect: A Note / Hans-Werner Sinn.
- Format:
- Book
- Author/Creator:
- Sinn, Hans-Werner.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w13453.
- NBER working paper series no. w13453
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2007.
- Summary:
- This note generalizes the Solow-Stiglitz efficiency condition for natural resources to the problem of fossil fuel extraction with a greenhouse effect. The generalized optimality condition suggests that the greenhouse effect implies overextraction in the sense of leaving future generations a wrongly composed wealth portfolio with too few natural resources relative to man-made capital. This judgment is independent of society's ethical preferences concerning the well-being of future generations.
- Notes:
- Print version record
- September 2007.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.