@techreport{NBERw13453,
 title = "Pareto Optimality in the Extraction of Fossil Fuels and the Greenhouse Effect: A Note",
 author = "Hans-Werner Sinn",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "13453",
 year = "2007",
 month = "September",
 URL = "http://www.nber.org/papers/w13453",
 abstract = {This note generalizes the Solow-Stiglitz efficiency condition for natural resources to the problem of fossil fuel extraction with a greenhouse effect. The generalized optimality condition suggests that the greenhouse effect implies overextraction in the sense of leaving future generations a wrongly composed wealth portfolio with too few natural resources relative to man-made capital. This judgment is independent of society's ethical preferences concerning the well-being of future generations.},
}