论文信息 - Quasi-stationary cardinal utility and present bias

Quasi-stationary cardinal utility and present bias

Abstract 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.

Takashi Hayashi

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