Search Results - subject:"Utility function"

Resolving New Keynesian Anomalies with Wealth in the Utility Function

Michaillat, Pascal - 2018

wealth into the utility function; the justification is that wealth is a marker of social status, and people value status …

Persistent link: https://www.econbiz.de/10012911719

Recursive Utility and Thompson Aggregators, Ii : Uniqueness of the Recursive Utility Representation

Becker, Robert A. - 2018

equation has a unique utility function solution given a Thompson aggregator. Uniqueness holds only on the interior of the … space of possibly utility functions endowed with the Thompson metric. Concave operator methods work on the possible utility … function space with its norm topology. Our approach combines order and metric structures to demonstrate uniqueness differently …

Persistent link: https://www.econbiz.de/10012912132

Games of Love and Hate

Ray, Debraj - 2018

A game of love and hate is one in which a player's payoff is a function of her own action and the payoffs of other players. For each action profile, the associated payoff profile solves an interdependent utility system, and if that solution is bounded and unique for every profile we call the...

Persistent link: https://www.econbiz.de/10012913945

Bringing Order to Rankings of Utility Functions by Strong Increases in n-th Order Aversion to Risk

Keenan, Donald C. - 2018

Rankings of utility functions generated by simple n-th order risk-averse transformations are not partial orders, and therefore, do not yield reliable comparative statics predictions, except at the second order. Restrictions have been identified that rectify this deficiency at the third order...

Persistent link: https://www.econbiz.de/10012920847

Taking Time Use Seriously : Income, Wages and Price Discrimination

Hamermesh, Daniel S. - 2018

The American Time Use Survey 2003-15, the French Enquête Emploi du Temps, 2009-10, and the German Zeitverwendungserhebung, 2012-13, have sufficient observations to allow examining the theory of household production in much more detail than ever before. We identify income effects on time use by...

Persistent link: https://www.econbiz.de/10012906476

Taking Time Use Seriously : Income, Wages and Price Discrimination

Hamermesh, Daniel S. - 2018

Persistent link: https://www.econbiz.de/10012907139

An Extension Theorem for Utility Functions on Finite Domains

Lahiri, Somdeb - 2018

asymmetric and transitive binary relation on the subset can be extended to a utility function on the entire domain. A simple …

Persistent link: https://www.econbiz.de/10012923859

An Ordinal Theory of Risk Aversion

Chiu, W. Henry - 2018

of an ordinal utility function of decision parameters, which can in turn be used to generalize existing results on … the properties of the ordinal utility function …

Persistent link: https://www.econbiz.de/10012923940

Quantifying the Gap between Equilibrium and Optimum Under Monopolistic Competition

Behrens, Kristian - 2018

Equilibria and optima generally differ in imperfectly competitive markets. While this is well understood theoretically, it is unclear how large the welfare distortions are in the aggregate economy. Do they matter quantitatively? To answer this question, we develop a multi-sector monopolistic...

Persistent link: https://www.econbiz.de/10012924333

Extending Utility Representations of Partial Orders

Chebotarev, Pavel - 2018

The problem is considered as to whether a monotone function defined on a subset of Euclidean space can be strictly monotonically extended to . It is proved that this is the case if and only if the function is Explicit formulas are given for a class of extensions which involves an arbitrary...

Persistent link: https://www.econbiz.de/10012925431