Llavador, Humberto; Roemer, John E.; Silvestre, Joaquim - Department of Economics and Business, Universitat … - 2008
environment. We reject discounted utilitarianism and adopt, first, the Pure Sustainability Optimization (or Intergenerational … Maximin) criterion, and, second, the Sustainable Growth Optimization criterion, that maximizes the utility of the first … generation subject to a given future rate of growth. We apply these criteria to our calibrated model via a novel algorithm …