Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.ecolecon.2019.05.005 |
Time discounting in Harold Hotelling's approach to natural resource economics: The unsolved ethical question | |
Franco, Marco P., V1,4; Gaspard, Marion2; Mueller, Thomas3 | |
2019-09-01 | |
发表期刊 | ECOLOGICAL ECONOMICS |
ISSN | 0921-8009 |
EISSN | 1873-6106 |
出版年 | 2019 |
卷号 | 163页码:52-60 |
文章类型 | Article |
语种 | 英语 |
国家 | Brazil; France |
英文摘要 | The paper focuses on Harold Hotelling's approach to time discounting in the context of the intertemporal allocation of exhaustible natural resources. In 1931, Hotelling introduces a positive discount rate when dealing with the "social value" or "total utility" derived from a resource. His position was in contrast with early economic literature on conservation, as well as with the point of view of Frank Ramsey, according to whom time discounting expressed an unjustified preference for the welfare of present generations over that of future ones. Hence, it has been argued that Hotelling dismissed ethical concerns. Using archival material, we find that, for Hotelling, economic questions should not be restricted to issues of economic efficiency; that his choice to discount utility - which he considered as analogous to a concrete benefit - at the interest rate is compatible with Ramsey's position; and, more broadly, that this choice does not preclude an ethical position on the desirable distribution of exhaustible resources through time. To Hotelling, ethics is implemented by politics, through fiscal corrections of the interest rate. Revisiting Hotelling on the articulation between ethics, allocative efficiency, and policies allows us to rethink the way we do that in current models using time discounting. |
英文关键词 | Time discounting Intergenerational equity Exhaustible resources Natural resource economics Harold Hotelling |
领域 | 资源环境 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000474329600006 |
WOS关键词 | MATHEMATICAL-THEORY ; HISTORY ; TAXATION |
WOS类目 | Ecology ; Economics ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Environmental Sciences & Ecology ; Business & Economics |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/186433 |
专题 | 资源环境科学 |
作者单位 | 1.Univ Fed Minas Gerais, Fac Ciencias Econ, Ctr Desenvolvanento & Planejamento Reg, Ave Presidente Antonio Carlos 6627, BR-31270901 Belo Horizonte, MG, Brazil; 2.Univ Lyon 2, Triangle UMR 5206, MSH, 14 Ave Berthelot, F-69363 Lyon 07, France; 3.Univ Paris 8 Vincennes St Denis, Lab Econ Dionysien, Batiment D,2 Rue Liberte, F-93526 Paris, France; 4.Fundacao Joao Pinheiro, Alameda Acacias 70, BR-31275150 Belo Horizonte, MG, Brazil |
推荐引用方式 GB/T 7714 | Franco, Marco P., V,Gaspard, Marion,Mueller, Thomas. Time discounting in Harold Hotelling's approach to natural resource economics: The unsolved ethical question[J]. ECOLOGICAL ECONOMICS,2019,163:52-60. |
APA | Franco, Marco P., V,Gaspard, Marion,&Mueller, Thomas.(2019).Time discounting in Harold Hotelling's approach to natural resource economics: The unsolved ethical question.ECOLOGICAL ECONOMICS,163,52-60. |
MLA | Franco, Marco P., V,et al."Time discounting in Harold Hotelling's approach to natural resource economics: The unsolved ethical question".ECOLOGICAL ECONOMICS 163(2019):52-60. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论