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Utility Functions for Infinite-Period Planning

Author

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  • Charles M. Harvey

    (Department of Mathematical Sciences, Dickinson College, Carlisle, Pennsylvania 17013)

Abstract

This paper presents a systematic discussion of decision analysis models for attitudes toward risk when the effects of a public policy choice extend into the distant or unbounded future. Several issues of social risk attitudes are identified and discussed. Conditions on preferences are presented by which value judgments concerning these issues can be included in a formal model for a public policy evaluation.

Suggested Citation

  • Charles M. Harvey, 1988. "Utility Functions for Infinite-Period Planning," Management Science, INFORMS, vol. 34(5), pages 645-665, May.
    • Handle: RePEc:inm:ormnsc:v:34:y:1988:i:5:p:645-665
    DOI: 10.1287/mnsc.34.5.645
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    Cited by:

    1. Andrea C. Hupman & Jay Simon, 2023. "The Legacy of Peter Fishburn: Foundational Work and Lasting Impact," Decision Analysis, INFORMS, vol. 20(1), pages 1-15, March.
    2. Zanakis, Stelios H. & Mandakovic, Tomislav & Gupta, Sushil K. & Sahay, Sundeep & Hong, Sungwan, 1995. "A review of program evaluation and fund allocation methods within the service and government sectors," Socio-Economic Planning Sciences, Elsevier, vol. 29(1), pages 59-79, March.
    3. Charles M. Harvey & Lars Peter Østerdal, 2010. "Cardinal Scales for Health Evaluation," Decision Analysis, INFORMS, vol. 7(3), pages 256-281, September.

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