Abstract

Despite a long tradition of dealing with problems of optimal intergenerational allocation, economists are rarely integrated into debates about strategies to cope with decisions with long-term effects. Cost-benefitanalyses as typical economic methods to evaluate long-term investment strategies mostly neglect the need for basic normative decisions, e.g. about the definition of future generations and their interests. This paper presents first steps of an institutional economics' framework to overcorne these shortcornings and to improve the opportunities of an integrated interdisciplinary approach.