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Intertemporal utility with heterogeneous goods and constant elasticity of substitution

Quaas, Martin F.; Baumgärtner, Stefan; Drupp, Moritz A.; … - 2019

We characterize intertemporal utility functions over heterogeneous goods that feature (i) a constant elasticity of substitution between goods at each point in time and (ii) a constant intertemporal elasticity of substitution for at least one of the goods. We find that a standard (stationary)...

Persistent link: https://www.econbiz.de/10012156591

The poverty of growth with interdependent utility functions

Komlos, John (contributor); Salamon, Peter (contributor) - 2005

We argue that with interdependent utility functions growth can lead to a decline in total welfare of a society if the gains from growth are sufficiently unequally distributed in the presence of negative externalities, i.e., envy.

Persistent link: https://www.econbiz.de/10002856378

Optimal growth and impatience : a phase diagram analysis

Chang, Fwu-ranq (contributor) - 2004

In this paper we show that we can replace the assumption of constant discount rate in the onesector optimal growth model with the assumption of decreasing marginal impatience without losing major properties of the model. In particular, we show that the steady state exists, is unique, and has a...

Persistent link: https://www.econbiz.de/10002523969

Rank dependent utility, tax evasion and labor supply

Eide, Erling; Simson, Kristine von; Strøm, Steinar - 2010

payers act according to some non-expected utility theory, and (2) Individual ethical norms and social stigma induce people … subjective probabilities of being penalised according to the rank dependent utility theory, and (2) Tax payers' beliefs about … utility theory. The model explains data 53% better than pure random choices and predicts hours worked in the regular economy …

Persistent link: https://www.econbiz.de/10008697806

A complete and strongly anonymous leximin relation on infinite streams

Asheim, Geir B.; Zuber, Stéphane - 2011

Various extensions of the leximin order to the infinite dimensional setting have been suggested. They relax completeness and strong anonymity. Instead, by removing sensitivity to generations at infinite rank this paper defines a complete and strongly anonymous leximin relation on infinite...

Persistent link: https://www.econbiz.de/10009301142

Behavioral indifference curves

Komlos, John - 2014

According to the endowment effect there is some discomfort associated with giving up a good, that is to say, we are willing to give up something only if the price is greater than the price we are willing to pay for it. This implies that the indifference curves should designate a reference point...

Persistent link: https://www.econbiz.de/10010370273

Afriat's theorem for general budget sets

Forges, Françoise (contributor); … - 2006

Persistent link: https://www.econbiz.de/10003363532

Rules versus discretion in loan rate setting

Cerqueiro, Geraldo (contributor); Degryse, Hans (contributor) - 2007

Persistent link: https://www.econbiz.de/10003598838

The quasilinear quadratic utility model : an overview

Choné, Philippe; Linnemer, Laurent - 2019

The quasi-linear quadratic utility model is widely used in economics. The knowledge of its exact origin is less widespread. A first contribution of the paper is to explain the genesis of this model. Next, we review the main properties of the general model, mainly following the previous...

Persistent link: https://www.econbiz.de/10012016062

Revealed preferences in sequential prisoners' dilemma : a horse-race between five utility functions

Miettinen, Topi; Kosfeld, Michael; Fehr, Ernst; … - 2017

We experimentally investigate behavior and beliefs in a sequential prisoner's dilemma. Each subject had to choose an action as first-mover and a conditional action as second-mover. All subjects also had to state their beliefs about others' second-mover choices. We find that subjects' beliefs...

Persistent link: https://www.econbiz.de/10011611150

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