@article{4dadd3f1343f400f972d272e6cac4a2a,
title = "Intertemporal and intergenerational pareto efficiency revisited",
abstract = "This paper demonstrates that Bishop's formulation deviates in a fundamental way from our model and, in so doing, Bishop has assumed the problem away. Bishop utilizes a utility function that is too general to discriminate the time pattern of consumption from that of production. Hence, the intertemporal nature of the goods that we analyzed cannot be captured by Bishop's representation. Furthermore, we show that current benefit cost methods that discount the benefit stream of a public asset are Pareto intertemporally inefficient.",
author = "Todd Sandler and {Kerry Smith}, V.",
note = "Funding Information: 1 Associate Professor of Economics, University of Wyoming and Fellow, Quality of the Environment Division, Resources for the Future, respectively. Partial support for Smith{\textquoteright}s research was provided by a fellowship from the John Simon Guggenheim Memorial Foundation. 2 Some recent examples of this concern are the 1974 special issue of the Review of Economic Studies with a Symposium on the Economics of Exhaustible Resources ; the special issue of Social Science Quarterly, “Scarcity and Society,” September 1976; and the Resources for the Future Forum on the Economics of Natural Resource Scarcity, October 1976. 3 Since the publication of our first paper we became aware of an alternative definition of inter-temporal Pareto efficiency in Cl, Chapter 5-J. However, the objective of their analysis was directed to a derivation of the pricing rules required for a Pareto efficient allocation of exhaustible resources. Copyright: Copyright 2018 Elsevier B.V., All rights reserved.",
year = "1977",
month = sep,
doi = "10.1016/0095-0696(77)90008-0",
language = "English (US)",
volume = "4",
pages = "252--257",
journal = "Journal of Environmental Economics and Management",
issn = "0095-0696",
publisher = "Academic Press Inc.",
number = "3",
}