Pareto optimality in the extraction of fossil fuels and the greenhouse effect
Subtitle: a note
By: Hans-Werner Sinn
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 13453; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13453.
Publisher: National Bureau of Economic Research
Published: 2007
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] :
Description: "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"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 10/2/2007.

Includes bibliographical references.

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