Arbeitspapier
A Stochastic Model for the Utility of Income
In this paper we propose a particular approach to measuring utility of income. To this end we develop a theoretical framework that restricts the class of admissible functional forms and distributions of the random components of the model. The theoretical approach is based on ideas and principles that are used in modern psychophysical research and theories of probabilistic choice. The empirical part of the paper is based on "Stated Preference" data (SPD). In the present context this means that individuals participating in a laboratory type of experiments are asked to rank order a set of hypothetical alternatives presented.
- Language
-
Englisch
- Bibliographic citation
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Series: Discussion Papers ; No. 358
- Classification
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Wirtschaft
History of Economic Thought: Microeconomics
Household Behavior and Family Economics: Other
- Subject
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Utility of income
Random utility
Invariance principles.
- Event
-
Geistige Schöpfung
- (who)
-
Dagsvik, John K.
Strøm, Steinar
Jia, Zhiyang
- Event
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Veröffentlichung
- (who)
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Statistics Norway, Research Department
- (where)
-
Oslo
- (when)
-
2003
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Dagsvik, John K.
- Strøm, Steinar
- Jia, Zhiyang
- Statistics Norway, Research Department
Time of origin
- 2003
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