J. C. V. Pezzey

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We estimate and compare two empirical measures of the weak sustainability of an economy for the first time: the change in augmented Green Net National Product (GNNP), and the interest on augmented Genuine Savings (GS). Yearly calculations are given for each measure for Scotland during 1992–1999. Augmentation means including, using projections to 2020,(More)
In debates about green accounting it is sometimes argued that a positive value of aggregate investments indicates that an economy is developing sustainably. Asheim (1994) and Pezzey (1994) have shown that this is wrong, using a version of the well-known Dasgupta–Heal economy (with one capital and one non-renewable resource stock) as a counterexample.(More)
In an economy with multiple consumption goods (including environmental amenities) that uniquely maximizes the present value of utility with constant discounting, constant or falling augmented green net national product, or zero or negative augmented net investment, at any time implies that the economy is unsustainable then. "Augmented" means that time is(More)
We construct a hybrid, economic indicator of the sustainability of global well-being, which is more inclusive than existing indicators and incorporates an environmentally pessimistic, physical constraint on global warming. Our methodology extends the World Bank’s Adjusted Net Saving (ANS) indicator to include the cost of population growth, the benefit of(More)
We consider a closed, constant-technology, capital-resource economy with resource stock amenity value, which would otherwise aim for conventionally, PV-optimal development that maximises the present value of utility using a constant discount rate. In this economy, we calculate the decentralised policy instruments needed to achieve continuously zero net(More)
We compare three different views on the long run efficiencies of emission taxes which include thresholds (inframarginal exemptions), and of tradeable emission permits where some permits are initially free. The differences are caused by different assumptions about whether thresholds and free permits should be subsidies given only to firms that produce, or(More)