Integral-Value Models for Outcomes over Continuous Time
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Final published version, 380 KB, PDF document
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 |
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Publisher | Department of Economics, University of Copenhagen |
Number of pages | 38 |
Publication status | Published - 2007 |
- Faculty of Social Sciences - discounting, ordinal utility scale, value function, integral
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ID: 672549