Non-standard concave utility functions
Article Abstract:
The concept of concavity of utility functions is discussed. A real concave utility function results in a concave preference ordering. On the other hand, a non-standard concave utility function brings about an opposite convex arrangement of preferences. A minimally concave utility function is possible when conditions of finiteness exist and standard values are used. This least concave standard utility function induces a concavifiable set of preferences.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1992
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Reduced cost functions and their applications
Article Abstract:
Reduced cost functions can be applied to a number of economic problems including dynamic optimization, in terms of the general mass transfer problem. The rationalizability of action profiles in the principal-agent model and demand theory. Mathematical economics can benefit from new theorems derived from properties of reduced cost functions, which may further be useful in continuous assignment models.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1997
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PDE solutions of stochastic differential utility
Article Abstract:
A study was conducted to evaluate the development of partial differential equation (PDE) solutions for stochastic differential utility. The study assumes that stochastic differential utility extends the classical additively-separable utility model. The model defines new financial asset pricing results. It is shown that differential utility solutions are constrained by existence conditions.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1992
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