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.

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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.

Economics, Research and Development in the Social Sciences and Humanities, Analysis, Dynamic programming, Demand functions (Economics), Demand functions

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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.

Numerical analysis, Differential equations, Partial, Partial differential equations

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