The paper analyzes the effects of present-biased preferences on the transfer of resources to future generations in the framework of renewable resource harvesting. The paper assumes that the current generation has other-regarding motivations for future generations, expressed through the adherence...

This paper introduces two axioms that capture the idea of sustainable development, and characterizes the welfare criterion that they imply. The axioms require that neither the present nor the fixture should play a dictatorial role in society"s choices over time. Theorems I and 2 show there...