Search Results - subject:"Utility function"

A Flexible, Unified, Normalized Euclidean (FUN) Voter Utility Function

Dopp, Kathy Anne; Trautman, Dr. Linda M. - 2015

This paper proposes a new unified voter utility function with both proximity and directional components. This improved … unified spatial voter utility function enables researchers to predict voter choices from survey data and test the relative … utility function is normalized to facilitate comparisons between voter groups and to estimate the likelihood of voting, able …

Persistent link: https://www.econbiz.de/10014162369

The Kydland-Prescott Trick to Make Business Cycle 'Real' : Reducing DSGE to a Utility Function

Choi, Hak - 2015

are eliminated this way, the so-called DSGE model is reduced to a utility function …

Persistent link: https://www.econbiz.de/10013020917

Incomplete Stochastic Equilibria with Exponential Utilities : Close to Pareto Optimality

Kardaras, Constantinos - 2015

We study existence and uniqueness of continuous-time stochastic Radner equilibria in an incomplete markets model. An assumption of "smallness'' type - imposed through the new notion of "closeness to Pareto optimality'' - is shown to be sufficient for existence and uniqueness. Central role in our...

Persistent link: https://www.econbiz.de/10013022029

Recursive Utility and the Equity Premium Puzzle : A Discrete-Time Approach

Aase, Knut K. - 2015

We study the Epstein-Zin model with recursive utility. Recognizing that recursive preferences implies that the underlying model is not Markovian, we use methods not depending upon the Markov property to solve the model. We work with the returns directly, which we approximate by Taylor series...

Persistent link: https://www.econbiz.de/10013024734

Dimensional Analysis of Production and Utility Functions in Economics

Kim, Bryce - 2015

This paper explores dimensional analysis of production and utility functions in economics. As raised by Barnett, dimensional analysis is important in consistency checks of economics functions. However, unlike Barnett's dismissal of CES and Cobb-Douglas production functions, we will demonstrate...

Persistent link: https://www.econbiz.de/10013030882

Precautionary Saving with Selden/Kreps-Porteus Preferences Revisited

Li, Jingyuan - 2015

This paper re-examines precautionary saving with general Selden/Kreps-Porteus preferences. The conditions existing in the literature are much more complex than in the Expected Utility framework. We obtain a simple and intuitive result on precautionary savings via disentangling time preference...

Persistent link: https://www.econbiz.de/10013033341

A Multidimensional Exponential Utility Indifference Pricing Model with Applications to Counterparty Risk

Henderson, Vicky - 2015

This paper considers exponential utility indifference pricing for a multidimensional non-traded assets model subject to intertemporal default risk, and provides a semigroup approximation for the utility indifference price. The key tool is the splitting method, whose convergence is proved based...

Persistent link: https://www.econbiz.de/10013037486

Bausteine der Nutzenfunktion : Zur Variabilität menschlicher Verhaltensweisen von Gier bis Altruismus

Thießen, Friedrich - 2015

Persistent link: https://www.econbiz.de/10015203285

Climate sensitivity uncertainty : when is good news bad?

Freeman, Mark C.; Wagner, Gernot; Zeckhauser, Richard - 2015

Persistent link: https://www.econbiz.de/10010488266

Back to Bentham : should we? ; large‐scale comparison of decision versus experienced utility for income‐leisure preferences

Akay, Alpaslan; Bargain, Olivier; Jara, H. Xavier - 2015

Persistent link: https://www.econbiz.de/10010506239