Chichilnisky's criterion for sustainability has the merit to be, the unique explicit, complete and continuous social welfare criterion that combines successfully the requirement of efficiency with an instrumental notion of intergenerational equity (no dictatorship of the present and no dictatorhsip of the future). But it has one important drawback: when applied in the context of renewable resources, there exists no exploitation path that maximizes this criterion. The present article suggests a way to cope with this weakness. The idea is to restrict attention to the set of convex combinations between the discounted utilitarian program and the stationary program leading to the green golden rule. It is shown that an optimal path in this set exists under rather weak sufficient conditions on the fundamentals of the problem.
Group for Research in Decision Analysis