Article(electronic)December 1, 1998

Sustainability and Cost—Benefit Analysis

In: Environment and planning. A, Volume 30, Issue 12, p. 2181-2194

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Abstract

In this paper I address the issue of incorporating environmental sustainability in project appraisal. I extend the results of Barbier, Markandya, and Pearce on 'operationalizing' a concept of sustainability into appraisal methods for practical decisionmaking. I generalize their results in two directions. First, I abandon their implicit assumption that benefits and costs of a given project in a given period depend only on the level of activity of the project in the same period. Second, I address the issue of which portfolio of projects to choose. My results show how to modify the net present value criterion for choosing a set of projects in the presence of a sustainability constraint.

Languages

English

Publisher

SAGE Publications

ISSN: 1472-3409

DOI

10.1068/a302181

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