Sustainability when capital management has stochastic consequences |
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| Authors: | Geir B Asheim Kjell Arne Brekke |
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| Institution: | (1) Department of Economics, University of Oslo, P.O. Box 1095 Blindern, N-0317 Oslo, Norway (e-mail: g.b.asheim@econ.uio.no), NO;(2) Centre for Development and the Environment, University of Oslo, P.O. Box 1116, Blindern, N-0317 Oslo, Norway (e-mail: k.a.brekke@sum.uio.no), NO |
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| Abstract: | Sustainability is usually defined as a requirement of each generation to manage its stocks of man-made and natural capital
such that the utility that it ensures itself can be shared by all future generations. Here we extend this definition to the
case where capital management does not have deterministic consequences. A characterization is offered where the sustainability
of one generation's behavior can be determined by comparing its utility with the utility of the succeeding generation, provided
that the latter behaves in a sustainable manner. The properties of the definition are investigated and illustrated.
Received: 26 April 1994/Accepted: 15 April 2002 |
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