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A utility function for time streams having interperiod dependencies
Author(s) -
Bell David E.
Publication year - 1979
Publication title -
behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 0005-7940
DOI - 10.1002/bs.3830240306
Subject(s) - streams , function (biology) , outcome (game theory) , simple (philosophy) , period (music) , computer science , decision maker , operations research , mathematical economics , economics , mathematics , epistemology , biology , computer network , philosophy , physics , evolutionary biology , acoustics
Frequently, a decision maker's preferences for consequences in a given period will depend on the particular outcome in the previous and/or following period. This paper gives a simple functional form which enables such preferences to be explicitly included in a utility function for time streams.