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Sustainability and its relation to efficiency under uncertainty

Krysiak, Frank C.. (2009) Sustainability and its relation to efficiency under uncertainty. Economic theory, Vol. 41, H. 2. pp. 297-315.

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Official URL: http://edoc.unibas.ch/dok/A5249742

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Abstract

Evaluating the long-run consequences of present actions, as in the context of sustainability, requires information about the actions' outcomes and about future preferences that is often uncertain. We analyze a risk-based criterion of sustainability and a corresponding efficiency concept that cover these uncertainties. We derive several properties of these criteria and formally characterize the trade-off between sustainability and efficiency. Furthermore, we show that maximizing the probability of ex post efficiency under a sustainability constraint provides an interesting choice rule and that, for a special case, this rule is connected to portfolio theory.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Umweltökonomie (Krysiak)
UniBasel Contributors:Krysiak, Frank Christian
Item Type:Article, refereed
Article Subtype:Research Article
Bibsysno:Link to catalogue
Publisher:Springer International
ISSN:0938-2259
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:22 Mar 2012 14:28
Deposited On:22 Mar 2012 14:03

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