Titlebook: Dynamic Preferences, Choice Mechanisms, and Welfare; Ludwig Auer Book 1998 Springer-Verlag Berlin Heidelberg 1998 Dynamisches Wahlverhalte

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Additive Utility Modelsdenotes instantaneous utility and ., .(.) is called a discount function. The time horizon . may or may not be infinite. This functional postulates that instantaneous utility and the discount rate related to period . may depend on present, past, and future consumption bundles as well as on the vantage point of evaluation

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Universal Utility Modelsodels. In contrast to the frameworks discussed there, in this chapter we consider only those models, which abstain from presupposing any form of instantaneous utility. The intertemporal utility function employed in universal models is defined as ..

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Elementary Aspects of Choice in Universal Utility Modelssketched out. His analysis is restricted to strong orderings. It is not appealing to define strong orderings over . budget sets. Either one uses weak orderings over infinite sets or, if this is not possible, strong orderings over finite sets. Accordingly, in Hammond the set of terminal nodes . is assumed to be finite.

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Conditions for Stability, Ordinality, and Contractibilityhe dynamic choice problem collapses into an essentially static one generating the same choice sets as its dynamic counterpart. Furthermore, the shadow ordering associated with the static representation can be used to make judgements on the agent’s welfare.