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Viability standards and multi-criteria maximin

Pedro Gajardo and Luc Doyen ()

Cahiers du GREThA (2007-2019) from Groupe de Recherche en Economie Théorique et Appliquée (GREThA)

Abstract: This paper deals with sustainability criteria and standards. The maximin cri-terion, as the highest performance that can be sustained over time, promotes intergenerational equity, a pivotal issue for sustainability. The viable control approach, by investigating trajectories and actions complying over time with various standards and constraints, provides major insights into strong sustain-ability. The present paper addresses the links between maximin and viability approaches in a multi-criteria context. It first shows how ‘Pareto maximin’ can be characterized through viability kernels. Such a result makes it possible to determine the trade-offs and/or synergies between non-substitutable economic and ecological standards underlying strong sustainability. The second main re-sult of the paper is to propose algorithms derived from the viability version of dynamic programming to approximate numerically Pareto maximin values, con-trols and sustainable standards. Two examples relying on renewable resource management illustrate these analytic and numerical findings.

Keywords: Strong Sustainability; Maximin; Multi-criteria; Viability; Dynamic programming; Renewable resources (search for similar items in EconPapers)
JEL-codes: Q22 C53 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:grt:wpegrt:2018-04

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