Discounting Models for Outcomes over Continuous Time
Publikation: Working paper › Forskning
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Discounting Models for Outcomes over Continuous Time. / Harvey, Charles M. ; Østerdal, Lars Peter.
Department of Economics, University of Copenhagen, 2011.Publikation: Working paper › Forskning
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TY - UNPB
T1 - Discounting Models for Outcomes over Continuous Time
AU - Harvey, Charles M.
AU - Østerdal, Lars Peter
PY - 2011/4
Y1 - 2011/4
N2 - Events that occur over a period of time can be described either as sequences of outcomes at discrete times or as functions of outcomes in an interval of time. This paper presents discounting models for events of the latter type. Conditions on preferences are shown to be satisfied if and only if the preferences are represented by a function that is an integral of a discounting function times a scale defined on outcomes at instants of time.
AB - Events that occur over a period of time can be described either as sequences of outcomes at discrete times or as functions of outcomes in an interval of time. This paper presents discounting models for events of the latter type. Conditions on preferences are shown to be satisfied if and only if the preferences are represented by a function that is an integral of a discounting function times a scale defined on outcomes at instants of time.
KW - Faculty of Social Sciences
KW - integral discounting
KW - integral value or utility function
M3 - Working paper
T3 - University of Copenhagen. Institute of Economics. Discussion Papers (Online)
BT - Discounting Models for Outcomes over Continuous Time
PB - Department of Economics, University of Copenhagen
ER -
ID: 33247128