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Viability standards and multi-criteria maximin

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  • Pedro Gajardo
  • Luc Doyen

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.

Suggested Citation

  • Pedro Gajardo & Luc Doyen, 2018. "Viability standards and multi-criteria maximin," Cahiers du GREThA (2007-2019) 2018-04, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
  • Handle: RePEc:grt:wpegrt:2018-04
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    File URL: http://cahiersdugretha.u-bordeaux.fr/2018/2018-04.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    Strong Sustainability; Maximin; Multi-criteria; Viability; Dynamic programming; Renewable resources;
    All these keywords.

    JEL classification:

    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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