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This paper complements research on how love of wealth bears on key variables in a Ramsey-Cass-Koopmans growth framework. It is shown that for an optimum the social planner cannot have an excessive love of wealth. If the planner has the "right" love of wealth an optimum exists and implies higher...
Persistent link: https://www.econbiz.de/10009406319
consistent with any theory of the determination of utilization. Third, based on data on the lifetime of fixed assets it shows …
Persistent link: https://www.econbiz.de/10012208160
This paper complements research on how love of wealth bears on key variables in a Ramsey-Cass-Koopmans growth framework. It is shown that for an optimum the social planner cannot have an excessive love of wealth. If the planner has the 'right' love of wealth an optimum exists and implies higher...
Persistent link: https://www.econbiz.de/10010482448
In this paper we report further progress towards a complete theory of state-independent expected utility maximization … with semi-martingale price processes for arbitrary utility function. Without any technical assumptions we establish a …
Persistent link: https://www.econbiz.de/10012853364
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A utility function is an important tool for representing a DM’s preference. We adjoin utility functions to multi …-objective optimization problems. In current studies, usually one utility function is used for each objective function. Situations may arise … for a goal to have multiple utility functions. Here, we consider a constrained multi-objective problem with each objective …
Persistent link: https://www.econbiz.de/10011840734
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Thompson aggregator may be associated with many intertemporal utility functions (which may not be ordinally equivalent). The … depend on the particular utility function representation of the underlying Thompson aggregator preference structure …
Persistent link: https://www.econbiz.de/10012843749