Abstract
A feature of the sustainability problem is that the preferences of future generations are uncertain. In this paper, we put forward a fairness-based definition of sustainability that takes this uncertainty into account. We analyze the implications of this definition in the context of a model of project evaluation. We show that our definition encompasses the concepts of non-declining welfare and of weak and strong sustainability. Furthermore, we show that preference uncertainty has a substantial influence on the implications of sustainability.
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We are indebted to two anonymous referees whose comments helped considerably to improve the paper. All remaining errors are ours.
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Krysiak, F.C., Krysiak, D. Sustainability with Uncertain Future Preferences. Environ Resource Econ 33, 511–531 (2006). https://doi.org/10.1007/s10640-005-0004-6
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DOI: https://doi.org/10.1007/s10640-005-0004-6