Sustainability Policy and Environmental Policy
用一个包含可耗竭资源、污染排放和生产资本的理论模型，对比了环境政策（内部化环境外部性）与可持续性政策（实现代际公平）的效果，发现环境政策能降低所需可持续性政策的力度。
Abstract A theoretical, representative‐agent economy with a depletable resource stock, polluting emissions and productive capital is used to contrast environmental policy, which internalises externalised environmental values, with sustainability policy, which achieves some form of intergenerational equity. The obvious environmental policy comprises an emissions tax and a resource stock subsidy, each equal to the respective external cost or benefit. Sustainability policy comprises an incentive affecting the choice between consumption and investment, and can be a consumption tax, capital subsidy or investment subsidy, or a combination thereof. Environmental policy can reduce the strength of the sustainability policy needed. More specialised results are derived in a small open economy with no environmental effects on utility.