Quasi-stationary cardinal utility and present bias

• 成果类型: Article
• 署名作者: Hayashi, T
• 署名单位: University of Rochester
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00095-4
• 发表日期: 2003
• 页码: 343-352
• 关键词: quasi-stationary utility; quasi-geometric discounting; hyperbolic discounting; present bias

摘要

This note gives an axiomatic foundation for utility exhibiting quasi-geometric discounting. In addition, it introduces a wider class of utility functions satisfying weakened stationarity, called quasi-stationary utility. Both are established as von Neumann-Morgenstern utility indices in a model of risk preference. (C) 2003 Elsevier Science (USA). All rights reserved.