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Valuating payoff streams under unequal discount factors

Hannu Salonen and Hannu Vartiainen ()

Economics Letters, 2008, vol. 99, issue 3, 595-598

Abstract: We study repeated prize allocation when the discount factors of the agents are unequal. The feasible set of payoffs behaves badly: the Pareto frontier is everywhere discontinuous and there is an open subset of (high) discount factors under which the feasible set is totally disconnected.

Date: 2008
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