期刊
ECOLOGICAL ECONOMICS
卷 69, 期 2, 页码 235-243出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ecolecon.2009.08.008
关键词
Eco-efficiency; Environmental performance; Opportunity cost; Productive efficiency analysis; Sustainability
Sustainability is a complex multidimensional concept that entails economic, environmental, and social aspects. The sustainable value (SV) method developed by F. Figge and T. Hahn (Ecol. Econ. 48(2004) 173-187] is one of the most promising attempts to measure sustainability performance of firms SV measures. corporate contributions to sustainability by valuing resource use based on the opportunity cost, which must be estimated. This paper critically examines Figge and Hahn's estimator for opportunity cost, and shows that the proposed estimator rests on a number of strong, unrealistic assumptions. Evidence from Monte Carlo simulations conducted by authors shows that the proposed estimator performs very poorly even under ideal conditions. Having identified shortcomings in the SV method, we review some econometric approaches with a proven statistical foundation, which might be usefully applied in the present context. (C) 2009 Elsevier B.V. All rights reserved.
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