Environmental sustainability and cost - benefit analysis
Efforts to 'operationalize' a concept of sustainability into appraisal methods for practical decisionmaking have been few and generally unpersuasive. In this paper it is argued that this need not be the ease if a set of environmentally compensating, or `shadow' projects within an overall portfolio are used to ensure a sustainability objective of setting a constraint on the depletion and degradation of the stock of natural capital. This can be achieved through both a `weak' and a `strong' sustainability criterion. In both cases the resulting optimum differs from the efficient optimum of the conventional cost - benefit criterion, but the basic cost - benefit model remains intact.
Year of publication: |
1990
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Authors: | Barbier, E B ; Markandya, A ; Pearce, D W |
Published in: |
Environment and Planning A. - Pion Ltd, London, ISSN 1472-3409. - Vol. 22.1990, 9, p. 1259-1266
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Publisher: |
Pion Ltd, London |
Saved in:
freely available
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