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Integral-Value Models for Outcomes over Continuous Time

Author

Listed:
  • 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.

Suggested Citation

  • Charles M. Harvey & Lars Peter Østerdal, 2007. "Integral-Value Models for Outcomes over Continuous Time," Discussion Papers 07-10, University of Copenhagen. Department of Economics.
  • Handle: RePEc:kud:kuiedp:0710
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    File URL: http://www.econ.ku.dk/english/research/publications/wp/2007/0710.pdf/
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    Cited by:

    1. Harvey, Charles M. & Østerdal, Lars Peter, 2012. "Discounting models for outcomes over continuous time," Journal of Mathematical Economics, Elsevier, vol. 48(5), pages 284-294.

    More about this item

    Keywords

    continuous time; discounting; ordinal utility scale; value function; integral;

    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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