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Intertemporal Choice with Continuity Constraints

Marcus Pivato

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Abstract: We consider a model of intertemporal choice where time is a continuum, the set of instantaneous outcomes (e.g., consumption bundles) is a topological space, and intertemporal plans (e.g., consumption streams) must be continuous functions of time. We assume that the agent can form preferences over plans defined on open time intervals. We axiomatically characterize the intertemporal preferences that admit a representation via discounted utility integrals. In this representation, the utility function is continuous and unique up to positive affine transformations, and the discount structure is represented by a unique Riemann–Stieltjes integral plus a unique linear functional measuring the long-run asymptotic utility.

Keywords: Intertemporal choice; intergenerational social choice; technological feasibility; continuous utility; Stone-Čech compactification. (search for similar items in EconPapers)
Date: 2021-03-11
New Economics Papers: this item is included in nep-dcm, nep-mic and nep-upt
Note: View the original document on HAL open archive server: https://hal.science/hal-03637876v1
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Published in Mathematics of Operations Research, 2021, 46 (3), pp.1203-1229. ⟨10.1287/moor.2020.1091⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03637876

DOI: 10.1287/moor.2020.1091

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