Integral-Value Models for Outcomes over Continuous Time

Charles M. Harvey; Lars Peter Østerdal

Integral-Value Models for Outcomes over Continuous Time

Charles M. Harvey, Lars Peter Østerdal

Økonomisk Institut

Publikation: Working paper › Forskning

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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

Originalsprog	Engelsk
Udgiver	Department of Economics, University of Copenhagen
Antal sider	38
Status	Udgivet - 2007

Bibliografisk note

JEL Classification: D11, H43, I18

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