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This article completes an axiomatic approach of utilities streams. The approach is more precisely based upon the robust pre-orders that open the scope for $\alpha$-MaxMin representations. A general $T$-steps Temporal Bias axiom is first introduced, that encapsulates stationarity and $1$-step...
Persistent link: https://www.econbiz.de/10015264532
This study adresses time-dependent orders that are shown to lead to recursive representations based upon a Max-Min dichotomy and introduce a structure that is naturally based upon time-varying multiple discounts. It is argued that this setup naturally provides an enriched understanding of the...
Persistent link: https://www.econbiz.de/10015264534