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Title: A Stochastic OLG Model of Climate Justice in an Intergenerational Sustainability Framework
Abstract: Climate justice is defined as the intergenerational exchange of climate equity and equality. In order to create a theoretical foundation for climate justice, sustainability—defined as the interaction between the economy, society, environment, and governance—is crucial. On this foundation, the study uses an overlapping generations (OLG) model with an intertemporal choice framework to model the intertemporal choice of the status quo among generations in these four domains. GDP growth (for the economy), environmental quality (for the environment), labor growth, and environmental investment (for society) are the proxies identified. The wealth gap between the young and old generations encapsulates the governance dimension. The project seeks to address the following research question: What are the prerequisites for sustainable development that guarantee climate justice? The intra-intergenerational exchange is divided into two time periods, with each person providing their preferred consumption-saving option in terms of the economy and environment. According to this study, if things continue as they are, the burden of sustainable development will fall primarily on the shoulders of the younger generations. Additionally, fewer emissions can only be produced with increased youth effort and a decrease in consumption and leisure time. These facts demand improved policies for climate justice and intergenerational sustainability.
Keywords: overlapping generations; climate justice; technology shock; environmental quality; OLG model; intergenerational sustainability; commons; resource governance
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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