Exact optimal paths are calculated for a closed economy with human-made capital, non-renewable resource depletion and exogenous technical progress in production, hyperbolic utility discounting, and (possibly) hyperbolic technical progress. On its optimal path, generally, welfare-equivalent...

Uncertainty is an obstacle for commitments under cap and trade schemes for emission permits. We assess how well intensity targets, where each country's permit allocation is indexed to its future realised GDP, can cope with uncertainties in international greenhouse emissions trading. We present...

We construct a hybrid, economic indicator of the sustainability of global well-being, which is more inclusive than existing indicators and incorporates an environmentally pessimistic, physical constraint on global warming. Our methodology extends the World Bank's Adjusted Net Saving (ANS)...

Sustainable, sustained, or survivable development are defined here as distinct "sustainability" constraints on intertemporal distribution, in a context which ignores uncertainty, environmental, and intratemporal concerns. Such constraints are neither self-contradictory; nor redundant, for they...

A theoretical, representative-agent economy with a depletable resource stock, polluting emissions and productive capital is used to contrast environmental policy, which internalises externalised environmental values, with sustainability policy, which achieves some form of intergenerational...

We compare a tax with thresholds (‘prices’), and tradable permits (‘quantities’), as mechanisms to control total ‘emissions’ (or other inputs or outputs) from heterogeneous parties with uncertainties in emissions, costs and benefits. The advantage of prices over quantities is much...