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Efficiency versus Sustainability in Dynamic Decision Making

Advances in Intertemporal Compromising

  • Bodo Glaser

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 520)

Table of contents

  1. Front Matter
    Pages I-IX
  2. Introduction

    1. Bodo Glaser
      Pages 1-3
  3. Decision Theoretical Foundation

    1. Front Matter
      Pages 5-5
    2. Bodo Glaser
      Pages 7-20
  4. Dynamic Decision Making

    1. Front Matter
      Pages 75-75
    2. Bodo Glaser
      Pages 77-90
    3. Bodo Glaser
      Pages 225-228
  5. Back Matter
    Pages 229-254

About this book

Introduction

To all who taught me, and to all who will. Over the past fifteen years the notions of efficiency and sustainability have, more than any others, influenced the academic and public discussion concerning the intertemporal allocation of resources, especially as regards the economics of growth and environment. This treatise formally develops and counterposes these notions by means of the construct of a trajectorial objective, which is here developed, along with its implications, as a natural advance upon the classical scalar objective. In the course of this study it becomes clear that efficiency and sustainability are by no means identical, given that efficiency, on the one hand, is the concept for avoiding wasteful behavior, and sustainability, on the other, is the concept for ensuring that certain critical aspiration levels, which usually reflect the wish for survival, are maintained. Nonetheless, contrary to what may be assumed, these two concepts do not generally yield mutually exclusive solutions; in fact, they can be combined to complement each other in the quest for unimprovable long-term solutions which sustain given and necessary aspiration levels. This treatise develops and analyzes dynamic decision models (DDM) with one trajectorial objective according to the methodology of multi­ criteria decision making (MCDM). Moreover, introducing the method of distance maximization crucially augments MCDM and proves to be invaluable for DDMs in the case of a nonexistent utopia trajectory as well as in the case of sustainability as objective.

Keywords

Dynamic Decision Making Dynamic Efficiency Intertemporal Allocation Intertemporal Compromise Sustainability decision making efficiency multi-criteria decision making

Authors and affiliations

  • Bodo Glaser
    • 1
  1. 1.Department of Business Administration and EconomicsUniversity of SaarlandSaarbrückenGermany

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-56100-9
  • Copyright Information Springer-Verlag Berlin Heidelberg 2002
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-540-43906-6
  • Online ISBN 978-3-642-56100-9
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site
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