J. C. V. Pezzey

Learn More
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)
We model the effect of a no-take reserve in a marine fishery management area, such as on a coral reef. Implicitly, eggs and larvae are mobile but adults are not; and there is open access fishing outside the reserve. A reserve is found to increase equilibrium catch if the prior ratio of stock to carrying capacity is less than a half, and the catch-maximising(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)
We compare three different views on the long run efficiencies of emission taxes which include thresholds, and of tradable 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 full property rights. Treating(More)
Uncertainty can hamper the stringency of commitments under cap and trade schemes. We assess how well intensity targets, where countries' permit allocations are indexed to future realised GDP, can cope with uncertainties in a post-Kyoto international greenhouse emissions trading scheme. We present some empirical foundations for intensity targets and derive a(More)
1 Acknowledgments: We thank Ken Arrow, Larry Goulder and David Victor for expert guidance of the project of which this paper is one output. For funding we thank the William and Flora Hewlett Foundation through Stanford University, as well as the Program on Energy and Sustainable Development at Stanford University. We are grateful to Quentin Grafton and(More)
Exact optimal paths are calculated for a closed economy with human-made capital, non-renewable resource depletion and exogenous technical progress in production, hyperbolic utility discounting, and (possibly) hyperbolic technical progress. On its optimal path, generally, welfare-equivalent income > wealth-equivalent income > Sefton-Weale income > NNP, with(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)