科研之友
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摘要
We introduce a class of utility of wealth functions, called knapsack utility functions, which are appropriate for agents who must choose an optimal collection of indivisible goods subject to a spending constraint. We investigate the concavity/convexity and regularity properties of these functions. We find that convexity - and thus a demand for gambling - is the norm, but that the incentive to gamble is more pronounced at low wealth levels. We consider an intertemporal version of the problem in which the agent faces a credit constraint. We find that the agent's utility of wealth function closely resembles a knapsack utility function when the agent's saving rate is low.
- 出版日期2017-8
