Utility Functions for Infinite-Period Planning
Management SciencePublished 1 May 1988Open access
Charles M. Harvey
Citations12
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Abstract
This paper presents a systematic discussion of decision analysis models for attitudes toward risk when the effects of a public policy choice extend into the distant or unbounded future. Several issues of social risk attitudes are identified and discussed. Conditions on preferences are presented by which value judgments concerning these issues can be included in a formal model for a public policy evaluation.
Keywords
Decision SciencesEconomics, Econometrics and Finance
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