Evaluating Utility Streams

被引:0
作者
Binmore, Ken [1 ]
机构
[1] Univ Bristol, Dept Econ, 8 Woodland Rd, Bristol BS8 1TB, Avon, England
来源
HOMO OECONOMICUS-JOURNAL OF BEHAVIORAL AND INSTITUTIONAL ECONOMICS | 2021年 / 38卷 / 1-4期
关键词
Maximin criterion; Subjective time; Discounting; Peak-End Rule;
D O I
10.1007/s41412-021-00114-3
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper proposes a radical alternative to discounting utility streams that allows each payoff in a stream to be treated equally. It is based on the psychology of how humans perceive time-not as the objective clicking of time on a clock-but in terms of the incidents to which attention needs to be paid. The paper's conclusions receive some support from the discovery of the Peak-End Rule, in which laboratory subjects recall only the worst and the last experience during painful episodes.
引用
收藏
页码:1 / 14
页数:14
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