Utility Functions for Infinite-Period Planning

Charles M. Harvey
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Charles M. Harvey: Department of Mathematical Sciences, Dickinson College, Carlisle, Pennsylvania 17013

Management Science, 1988, vol. 34, issue 5, 645-665

Abstract: This paper presents a systematic discussion of decision analysis models for attitudes toward risk when the effects of a public policy choice extend into the distant or unbounded future. Several issues of social risk attitudes are identified and discussed. Conditions on preferences are presented by which value judgments concerning these issues can be included in a formal model for a public policy evaluation.

Keywords: long-range planning; risk attitudes; tradeoffs (search for similar items in EconPapers)
Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:34:y:1988:i:5:p:645-665

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