On Intertemporal Preferences in Continuous Time (Classic Reprint): The Case of Certainty: The Case of Certainty (Classic Reprint) - Tapa blanda

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Excerpt from On Intertemporal Preferences in Continuous Time: The Case of Certainty

Different topologies on the Space of certain consumption patterns in a continuous time setting are discussed. A family of topologies which give an economically reasonable sense of closeness and have an appropriate intertemporal flavor is suggested. Strictly concave time - additive utility functions are not continuous in this topology, since they yield preferences with the property that consumption at nearly adjacent dates are perfect non-substitutes. The topological duals of our suggested topologies are spaces of absolutely continuous functions whose derivatives satisfy cer tain boundedness restrictions. A utility function that is continuous in the suggested topologies and that captures an intuitively appealing notion of time complementarity of consumption is provided.

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