Charles M. Harvey (University of Houston) Lars Peter Østerdal (Department of Economics, University of Copenhagen)
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.
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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
07-10.
Length: 38 pages Date of creation: May 2007 Date of revision: Handle: RePEc:kud:kuiedp:0710
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