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Sustainability, efficiency and econo...

Woodward, Richard T.

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Sustainability, efficiency and economic analysis: A macroeconomic framework with microeconomic implications.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Sustainability, efficiency and economic analysis: A macroeconomic framework with microeconomic implications./
Author:	Woodward, Richard T.
Description:	315 p.
Notes:	Source: Dissertation Abstracts International, Volume: 58-06, Section: A, page: 2319.
Contained By:	Dissertation Abstracts International58-06A.
Subject:	Agriculture, Forestry and Wildlife. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9724325
ISBN:	9780591460759

Sustainability, efficiency and economic analysis: A macroeconomic framework with microeconomic implications.
Woodward, Richard T.

Sustainability, efficiency and economic analysis: A macroeconomic framework with microeconomic implications. - 315 p.

Source: Dissertation Abstracts International, Volume: 58-06, Section: A, page: 2319.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 1997.

This thesis provides a general framework for economic analysis of sustainability. The framework considers the issues of both economic efficiency and intergenerational equity in a dynamic economy. The model incorporates uncertainty and can be solved for a wide range of theoretical economies. Implications for policy analysis and resource management are formally derived. The problem of the management of a national forest is considered as a case study.

ISBN: 9780591460759Subjects--Topical Terms:

783690
Agriculture, Forestry and Wildlife.

Sustainability, efficiency and economic analysis: A macroeconomic framework with microeconomic implications.
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100 1 $a Woodward, Richard T. $3 1277279
245 1 0 $a Sustainability, efficiency and economic analysis: A macroeconomic framework with microeconomic implications.
300 $a 315 p.
500 $a Source: Dissertation Abstracts International, Volume: 58-06, Section: A, page: 2319.
500 $a Supervisor: Richard C. Bishop.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 1997.
520 $a This thesis provides a general framework for economic analysis of sustainability. The framework considers the issues of both economic efficiency and intergenerational equity in a dynamic economy. The model incorporates uncertainty and can be solved for a wide range of theoretical economies. Implications for policy analysis and resource management are formally derived. The problem of the management of a national forest is considered as a case study.
520 $a Sustainability is defined as equivalent to intergenerational fairness. Assuming that each generation maximizes the present value of future utility, choices by a given generation are intergenerationally fair if the present value of utility is not expected decline from one generation to the next. If society abides by a sustainability obligation then its macroeconomic problem would be augmented by a "sustainability constraint."
520 $a Using economies for which analytical solutions are possible, we discuss the issues of efficiency, substitutability, and environmental accounting. Although analytical solutions cannot be found for most sustainability-constrained optimization problems, we show that numerical methods can be used. Using these methods we show that when uncertainty is present, sustainability requires the expectation of growth.
520 $a Though sustainability is defined at the macroeconomic level, most policies in pursuit of sustainability are microeconomic in nature. Linkages between the macroeconomic problem and microeconomic interventions are formally developed. First, we derive a modified benefit-cost criterion in which the discount factor is adjusted. Secondly, using a new decentralization theorem, we show that decentralized management of a sector can be optimal in a sustainability-constrained economy if mathematical conditions of separability are satisfied. It is shown that, in general, sustainability would have implications for the management of all sectors of the economy.
520 $a The theoretical model is applied to a specific problem: the management of the Nicolet National Forest. It is argued that existing laws require the Forest Service to solve sustainability-constrained optimization problems for each forest. We consider how this could be implemented and propose a two-stage planning process. Based on data from the 1985 plan, a heuristic model of the Nicolet is developed to show how sustainability-constrained optimization might proceed in practice.
590 $a School code: 0262.
650 4 $a Agriculture, Forestry and Wildlife. $3 783690
650 4 $a Economics, Agricultural. $3 626648
650 4 $a Economics, General. $3 1017424
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710 2 $a The University of Wisconsin - Madison. $3 626640
773 0 $t Dissertation Abstracts International $g 58-06A.
790 $a 0262
790 1 0 $a Bishop, Richard C., $e advisor
791 $a Ph.D.
792 $a 1997
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9724325