Integral-Value Models for Outcomes over Continuous Time

TY - UNPB

T1 - Integral-Value Models for Outcomes over Continuous Time

AU - Harvey, Charles M.

AU - Østerdal, Lars Peter

N1 - JEL Classification: D11, H43, I18

PY - 2007

Y1 - 2007

N2 - Models of preferences between outcomes over continuous time are important for individual, corporate, and social decision making, e.g., medical treatment, infrastructure development, and environmental regulation. This paper presents a foundation for such models. It shows that conditions on preferences between real- or vector-valued outcomes over continuous time are satisfied if and only if the preferences are represented by a value function having an integral form

AB - Models of preferences between outcomes over continuous time are important for individual, corporate, and social decision making, e.g., medical treatment, infrastructure development, and environmental regulation. This paper presents a foundation for such models. It shows that conditions on preferences between real- or vector-valued outcomes over continuous time are satisfied if and only if the preferences are represented by a value function having an integral form

KW - Faculty of Social Sciences

KW - discounting

KW - ordinal utility scale

KW - value function

KW - integral

M3 - Working paper

BT - Integral-Value Models for Outcomes over Continuous Time

PB - Department of Economics, University of Copenhagen

ER -