Intergenerational equity and dynamic duality principles.
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Dynamic processes of capital accumulation and intergenerationally equitable changes in environmental quality are studied. The existence of an intergenerationally equitable time-path of consumption and capital accumulation is secured under the presence of the Penose effect, the latter implying a diminishing marginal investment rate in both private and social overhead capital. The approach is based on dynamic duality principles due originally to the author and Koopmans.
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