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

Department of Economics

Research output: Working paper › Research

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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

Original language	English
Publisher	Department of Economics, University of Copenhagen
Number of pages	38
Publication status	Published - 2007

Keywords

Faculty of Social Sciences
discounting
ordinal utility scale
value function
integral

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Cite this

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