Integral-Value Models for Outcomes over Continuous Time

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.

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Year of publication:	2007-05
Authors:	Harvey, Charles M. ; Østerdal, Lars Peter
Institutions:	Økonomisk Institut, Københavns Universitet
Subject:	continuous time \| discounting \| ordinal utility scale \| value function \| integral

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Extent:	application/pdf
Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 07-10 38 pages
Classification:	D11 - Consumer Economics: Theory ; H43 - Project Evaluation; Social Discount Rate ; I18 - Government Policy; Regulation; Public Health
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005749539