Mathematical Economics: Topological methods in cardinal utility theory
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This article is published in Research Papers in Economics.The article was published on 1983-07-01 and is currently open access. It has received 727 citations till now. The article focuses on the topics: Cardinal utility.read more
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Compromises between Cardinality and Ordinality in Preference Theory and Social Choice
TL;DR: In this article, the Arrow-Koopmans theory of convexity has been applied to different theories for why consumer preferences should be convex and show that diminishing marginal utility is an example of a compromise between cardinality and ordinality, which justifies utilitarian recommendations on redistribution and axiomatizes the Pigou-Dalton principle.
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Average utility maximization: A preference foundation
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Weighted temporal utility
TL;DR: In this article, a weighted temporal utility (WTU) model is proposed to separate anticipated subjective evaluations of outcomes from attitudes toward psychological distance induced by risks and delays. But it does not consider the subjective evaluation of an outcome, which requires the decision maker to project himself to the future and to imagine how much he will appreciate the outcome once he receives it.
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A simple framework for the axiomatization of exponential and quasi-hyperbolic discounting
TL;DR: In this paper, the main contribution of this paper is to provide an alternative foundation for exponential and quasi-hyperbolic discounting, with simple, transparent axioms and relatively straightforward proofs.