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Preferences Between Continuous Streams of Events

Author

Listed:
  • Charles M. Harvey

    (Department of Decision and Information Sciences, University of Houston)

  • Lars Peter Østerdal

    (Department of Economics, University of Copenhagen)

Abstract

Cost-benefit and health policy studies often model a consequence occurring over time as a continuous stream of events. Such a consequence is measured by the rates at which events occur or by the states that occur, and the value of the consequence is measured by an integral. This paper presents a foundation for such models. It defines conditions on preferences between consequences that are equivalent to an integral value function having a discounting function and an intertemporal equity function.

Suggested Citation

  • Charles M. Harvey & Lars Peter Østerdal, 2005. "Preferences Between Continuous Streams of Events," Discussion Papers 05-12, University of Copenhagen. Department of Economics.
  • Handle: RePEc:kud:kuiedp:0512
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    File URL: http://www.econ.ku.dk/english/research/publications/wp/2005/0512.pdf/
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    More about this item

    Keywords

    discounting; equity; continuous time; value function; evaluation;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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