Intertemporal Choice with Continuity Constraints

• 成果类型: Article
• 署名作者: Pivato, Marcus
• 署名单位: CY Cergy Paris Universite
• 刊物名称: MATHEMATICS OF OPERATIONS RESEARCH
• ISSN/ISSBN: 0364-765X
• DOI: 10.1287/moor.2020.1091
• 发表日期: 2021
• 页码: 1203-1229
• 关键词: rank-ordered sets; additive representations; utility; FOUNDATIONS; models

摘要

We consider a model of intertemporal choice where time is a continuum, the set of instantaneous outcomes (e.g., consumption bundles) is a topological space, and intertemporal plans (e.g., consumption streams) must be continuous functions of time. We assume that the agent can form preferences over plans defined on open time intervals. We axiomatically characterize the intertemporal preferences that admit a representation via discounted utility integrals. In this representation, the utility function is continuous and unique up to positive affine transformations, and the discount structure is represented by a unique Riemann-Stieltjes integral plus a unique linear functional measuring the long-run asymptotic utility.