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Ecological Intuition versus Economic “Reason”

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CAHIER_FDD_47.pdf (294.3Kb)
Date
2012
Dewey
Economie de la terre et des ressources naturelles
Sujet
growth; optimization; Environmental economics
Journal issue
Journal of Public Economic Theory
Volume
14
Number
2
Publication date
2012
Article pages
245-272
Publisher
Wiley - Blackwell
DOI
http://dx.doi.org/10.1111/j.1467-9779.2011.01541.x
URI
https://basepub.dauphine.fr/handle/123456789/9704
Collections
  • CEREMADE : Publications
Metadata
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Author
Lasry, Jean-Michel
Guesnerie, Roger
Guéant, Olivier
Type
Article accepté pour publication ou publié
Abstract (EN)
This paper discusses the discount rate to be used in projects aimed at preserving the environment. The model has two different goods: one is the usual consumption good whose production may increase exponentially, and the other is an environmental good whose quality remains limited. The stylized world we describe is fully determined by four parameters, reflecting basic preferences, “ecological” and intergenerational concerns, and feasibility constraints. We define an ecological discount rate and examine its connections with the usual interest rate and the optimized growth rate. We discuss, in this simple world, different forms of the precautionary principle.

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