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Sustainability, optimality, and viability in the Ramsey model

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  • BONNEUIL, Noël

    ()
    (Institut national d'études démographiques, and Ecole des hautes études en sciences sociales, F-75980 Paris cedex 20, France)

  • BOUCEKKINE, Raouf

    ()
    (Université catholique de Louvain, CORE and IRES, B-1348 Louvain-la-Neuve, Belgium)

Abstract

The Ramsey model of economic growth is revisited from the point of view of viability. A viable state is a state from which there exists at least one tra jectory that remains in the set of constraints of minimal consumption and positive wealth. Viability is presented with a constraint of minimal consumption, then with an additional criterion of economic sustainability. The comparison of viability kernels with or without sustainability shows how much consumption should be reduced and when. The viable-optimal solution in the sense of inter-temporal consumption is obtained on the viability boundary of an auxiliary system. Technological progress works against population growth to favor the possibility for a given state of being viable or viable-sustainable.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2009074.

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Date of creation: 01 Nov 2009
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Handle: RePEc:cor:louvco:2009074

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Keywords: viability theory; optimization; sustainability; Ramsey model;

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  1. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
  2. Saint-Pierre, Patrick & Bonneuil, Noel, 2008. "Beyond Optimality : Managing Children, Assets, and Consumption over the Life Cycle," Economics Papers from University Paris Dauphine 123456789/6869, Paris Dauphine University.
  3. van Geldrop, Jan & Withagen, Cees, 2000. "Natural capital and sustainability," Ecological Economics, Elsevier, vol. 32(3), pages 445-455, March.
  4. Kenneth Arrow & Partha Dasgupta & Lawrence Goulder & Gretchen Daily & Paul Ehrlich & Geoffrey Heal & Simon Levin & Karl-Göran Mäler & Stephen Schneider & David Starrett & Brian Walker, 2004. "Are We Consuming Too Much?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 147-172, Summer.
  5. Le Kama, Alain Ayong & Schubert, Katheline, 2007. "A Note On The Consequences Of An Endogenous Discounting Depending On The Environmental Quality," Macroeconomic Dynamics, Cambridge University Press, vol. 11(02), pages 272-289, April.
  6. Bonneuil, Noel, 1994. "Capital Accumulation, Inertia of Consumption and Norms of Reproduction," Journal of Population Economics, Springer, vol. 7(1), pages 49-62.
  7. Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1994. "The environment and the long run: A comparison of different criteria," MPRA Paper 7907, University Library of Munich, Germany.
  8. Giuseppe De Marco & Maria Romaniello, 2006. "Dynamics of Mixed Coalitions Under Social Cohesion Constraints," Mathematical Population Studies, Taylor & Francis Journals, vol. 13(1), pages 39-62.
  9. Bonneuil, Noel & Saint-Pierre, Patrick, 2008. "Beyond optimality: Managing children, assets, and consumption over the life cycle," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 227-241, February.
  10. Arnaud Valence, 2005. "Demand Dynamics in a Psycho-Socio-Economic Evolving Network of Consumers," Mathematical Population Studies, Taylor & Francis Journals, vol. 12(3), pages 159-179.
  11. Graciela Chichilnisky, 1997. "What Is Sustainable Development?," Land Economics, University of Wisconsin Press, vol. 73(4), pages 467-491.
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Cited by:
  1. Krawczyk, Jacek B & Pharo, Alastair S, 2011. "Manual of VIKAASA: An application capable of computing and graphing viability kernels for simple viability problems," Working Paper Series 1878, Victoria University of Wellington, School of Economics and Finance.
  2. Jacek Krawczyk & Alastair Pharo & Oana Serea & Stewart Sinclair, 2013. "Computation of viability kernels: a case study of by-catch fisheries," Computational Management Science, Springer, vol. 10(4), pages 365-396, December.
  3. Krawczyk, Jacek B & Pharo, Alastair & Simpson, Mark, 2011. "Approximations to viability kernels for sustainable macroeconomic policies," Working Paper Series 1531, Victoria University of Wellington, School of Economics and Finance.
  4. Tanguy Isaac, 2013. "Sustainability is compatible with decreasing social welfare," Economics Bulletin, AccessEcon, vol. 33(2), pages 1116-1125.

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