Integral-Value Models for Outcomes over Continuous Time

Publikation: Working paperForskning

Dokumenter

  • 0710

    Forlagets udgivne version, 380 KB, PDF-dokument

  • Charles M. Harvey
  • Lars Peter Østerdal
Models of preferences between outcomes over continuous time are important for individual, corporate, and social decision making, e.g., medical treatment, infrastructure development, and environmental regulation. This paper presents a foundation for such models. It shows that conditions on preferences between real- or vector-valued outcomes over continuous time are satisfied if and only if the preferences are represented by a value function having an integral form
OriginalsprogEngelsk
UdgiverDepartment of Economics, University of Copenhagen
Antal sider38
StatusUdgivet - 2007

Bibliografisk note

JEL Classification: D11, H43, I18

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