Integral-Value Models for Outcomes over Continuous Time

Charles M. Harvey and Lars Peter Østerdal
Additional contact information
Charles M. Harvey: University of Houston

No 07-10, Discussion Papers from University of Copenhagen. Department of Economics

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.

Keywords: continuous time; discounting; ordinal utility scale; value function; integral (search for similar items in EconPapers)
JEL-codes: D11 H43 I18 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2007-05
New Economics Papers: this item is included in nep-upt
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.econ.ku.dk/english/research/publications/wp/2007/0710.pdf/ (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:0710

Access Statistics for this paper

More papers in Discussion Papers from University of Copenhagen. Department of Economics Oester Farimagsgade 5, Building 26, DK-1353 Copenhagen K., Denmark. Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Hoffmann ().