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Gerber, Anke; Rohde, Kirsten I. M. - 2013

model generalizes many well known utility functions for intertemporal decision making under risk. A decision maker with a …

Persistent link: https://www.econbiz.de/10010224796

Resource conservation across generations in a Ramsey-Chichilnisky model

Asheim, Geir B.; Ekeland, Ivar - 2015 - This version October 13, 2015

The Chichilnisky criterion is an explicit social welfare function that satisﬁes compelling conditions of intergenerational equity. However, it is time inconsistent and has no optimal solution in the Ramsey model. By investigating stationary Markov equilibria in the game that generations with...

Persistent link: https://www.econbiz.de/10011373321

A note on the welfare of a sophisticated time-inconsistent decision-maker

Kodritsch, Sebastian - 2015

general decision problems with perfect information, I establish two results: first, for finite-horizon problems without … indifference, essential consistency (Hammond [1976]) is sufficient for choice to be Pareto-optimal. Second, if the decision problem …

Persistent link: https://www.econbiz.de/10010478990

Intertemporal altruism

Anand Chopra, Felix; Eisenhauer, Philipp; Falk, Armin; … - 2021

Standard consumption utility is linked in time to a consumption event, whereas the timing of prosocial utility flows is ambiguous. Prosocial utility may depend on the actual utility consequences for others - it is consequence-dated - or it may be related to the act of giving and is thus...

Persistent link: https://www.econbiz.de/10012419311

Optimal discretization for decision analysis

Woodruff, Joshua; Dimitrov, Nedialko B. - In: Operations research perspectives 5 (2018), pp. 288-305

The use of discretization in decision analysis allows practitioners to use only a few assessments to estimate the … certain equivalent (CE) or expected value of a decision without knowing the functional form of the distribution of each … mind. The discretizations are not formulated with the decision problem in mind. Each discretization is specific to one …

Persistent link: https://www.econbiz.de/10011957275

Does 'Better' Discounting Lead to 'Worse' Outcomes in Long-Run Decisions? The Dilemma of Hyperbolic Discounting

Winkler, Ralph - 2008

The shortcomings of conventional discounting, especially in the context of long-run environmental problems, have been extensively discussed in the literature. Recently, hyperbolic discounting, i.e. discounting at declining instead of constant discount rates, has attracted a lot of interest among...

Persistent link: https://www.econbiz.de/10014051711