Discounting Models for Outcomes over Continuous Time

Charles Harvey and Lars Peter Østerdal
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Charles Harvey: University of Houston

No 11-12, Discussion Papers from University of Copenhagen. Department of Economics

Abstract: Events that occur over a period of time can be described either as sequences of outcomes at discrete times or as functions of outcomes in an interval of time. This paper presents discounting models for events of the latter type. Conditions on preferences are shown to be satisfied if and only if the preferences are represented by a function that is an integral of a discounting function times a scale defined on outcomes at instants of time.

Keywords: continuous time; integral discounting; integral value or utility function (search for similar items in EconPapers)
Pages: 28 pages
Date: 2011-04
New Economics Papers: this item is included in nep-upt
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http://www.econ.ku.dk/english/research/publications/wp/dp_2011/1112.pdf/ (application/pdf)

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Journal Article: Discounting models for outcomes over continuous time (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:1112

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