ABSTRACT
The paper compares two approaches to the problem of achieving the social goals sustainability and intergenerational efficiency. The first is a separated approach, where the results standard benefit-cost analysis are (later) combined with intergenerational equity considerations. The second, in the tradition of institutional design, is an integrated approach, where efficiency and equity considerations are combined from the start. It appears that several well-known problems with discounting can be avoided or mitigated by the second approach. (JEL Q2)
The earth belongs in usufruct to the living. —Thomas Jefferson