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Realization Utility
Barberis, Nicholas C. - 2008
A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they … own. We present a model of this "realization utility," analyze its predictions, and show that it can shed light on a …
Persistent link: https://www.econbiz.de/10012464207
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A Soul's View of the Optimal Population Problem
De la Croix, David; Doepke, Matthias - National Bureau of Economic Research - 2021
, reincarnation serves as a metaphor to facilitate the necessary utility comparisons …
Persistent link: https://www.econbiz.de/10012496107
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Even the Representative Agent Must Die : Using Demographics to Inform Long-Term Social Discount Rates
Fenichel, Eli P. - 2017
We develop a demographically-based approach for estimating the utility discount rate (UDR) portion of the Ramsey rule …
Persistent link: https://www.econbiz.de/10012455091
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Any Non-Individualistic Social Welfare Function Violates the Pareto Principle
Kaplow, Louis - 1999
The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
Persistent link: https://www.econbiz.de/10012471750
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Concavity of Utility, Concavity of Welfare, and Redistribution of Income
Kaplow, Louis - 2003
' utility functions and the concavity of the social welfare function. In the pertinent literatures, notably on optimal income …, however, reveals that this is not the case. Concavity of utility has a simple, direct effect on the marginal social value of … cases may not be very significant. The implications of this difference are examined for some standard forms of utility and …
Persistent link: https://www.econbiz.de/10012468707
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Manufactured Inequality
Rosen, Sherwin - 1996
income. Stratification and sorting often manifest state-dependent preferences in which the marginal utility of income … before location is chosen, the a priori von Neuman-Morgenstern utility function over both choices can take the Friedman …
Persistent link: https://www.econbiz.de/10012472982
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On the Disutility and Discounting of Imprisonment and the Theory of Deterrence
Polinsky, A. Mitchell - 1997
This article studies the implications for the theory of deterrence of (a) the manner in" which individuals' disutility from imprisonment varies with the length of the imprisonment" term; and (b) discounting of the future disutility and future public costs of imprisonment. Two" questions are...
Persistent link: https://www.econbiz.de/10012472552
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Rational Discounting for Regulatory Analysis
Viscusi, W. Kip - 2006
This article examines the economic basis for what is termed "rational discounting," which entails full recognition of policy effects over time and exponential discounting at a riskless rate of return. Policies often cannot be ranked unambiguously in terms of their present or future orientation....
Persistent link: https://www.econbiz.de/10012466374
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The Social Discount Rate
Caplin, Andrew - 2000
In welfare theory it is standard to pick the consumption stream that maximizes the welfare of the representative agent. We argue against this position, and show that a benevolent social planner will generally place a greater weight on future consumption than does the representative agent. Our...
Persistent link: https://www.econbiz.de/10012470755
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Allocating Scarce Information
Holden, Richard T.; Malani, Anup; Teh, Chris - National Bureau of Economic Research - 2022
Sender conveys scarce information to a number of receivers to maximize the sum of receiver payoffs. Each receiver's payoff depends on the state of the world and an action she takes. The optimal action is state contingent. Under mild regularity conditions, we show that the payoff of each receiver...
Persistent link: https://www.econbiz.de/10013172145