Hoberg, Nikolai; Baumgärtner, Stefan - 2011
-efficiency across generations and sustainability, i.e. non-decreasing utility over time. Our model includes two salient characteristics … of sustainability problems and policy: (i) temporal irreversibility, i.e. the inability to revise one's past actions; (ii … initially unforeseen sustainability problems become apparent and policy is enacted after irreversible actions were taken, policy …