Discounting Models for Outcomes over Continuous Time
AbstractEvents 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.
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Bibliographic InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 11-12.
Length: 28 pages
Date of creation: Apr 2011
Date of revision:
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continuous time; integral discounting; integral value or utility function;
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