Present value as a temporal utility of wealth
AbstractThe main aim of this study was to verify that the economically justified non-additive present value function exists.This study carried out assuming fulfilment of the diminishing marginal wealth utility law.Two constant risk aversion coefficient cases were considered. Here were taken into account the absolute coefficient and the relative coefficient. Two different models of discounting functions were obtained as a result of these studies. The formal influence of behavioural factors on the discount was pointed out.
|Publication size in sheets||0.5|
|Book||Jedlička Pavel (eds.): Hradec Economic Days. Double-blind peer-reviewed proceedings part V.of the international scientific conference Hradec Economic Days 2014, Hradec Economic Days, vol. 4, no. 2, 2014, University of Hradec Králové, ISBN 978-80-7435-370-3, 470 p.|
|Keywords in English||present value; risk aversion; the First Gossen’s Law|
|Score|| = 10.0, 12-02-2020, BookChapterSeriesAndMatConfByIndicator|
= 15.0, 12-02-2020, BookChapterSeriesAndMatConfByIndicator
|Publication indicators||= 0|
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