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Integral-Value Models for Outcomes over Continuous Time

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Author Info
Charles M. Harvey (University of Houston)
Lars Peter Østerdal (Department of Economics, University of Copenhagen)
Abstract

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.

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File URL: http://www.econ.ku.dk/Research/Publications/pink/2007/0710.pdf
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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 07-10.

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Length: 38 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:kud:kuiedp:0710

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Related research
Keywords: continuous time discounting ordinal utility scale value function integral

Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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This page was last updated on 2008-9-29.

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