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Parameter learning strongly amplifies the impact of macroeconomic shocks on marginal utility when the representative agent has a preference for early resolution of uncertainty. This occurs as rational belief updating generates subjective long-run consumpti ...
We propose a theoretical river modeling framework for generating variable flow patterns in diverted-streams (i.e., no reservoir). Using a simple economic model and the principle of equal marginal utility in an inverse fashion we first quantify the benefit ...
Marginal utility theory prescribes the relationship between the objective property of the magnitude of rewards and their subjective value. Despite its pervasive influence, however, there is remarkably little direct empirical evidence for such a theory of v ...
This paper provides sufficient and necessary conditions for the existence of equilibrium pricing rules for monetary utility functions under convex consumption constraints. These utility functions are characterized by the assumption of a fully fungible nume ...
Water demand for hydropower production is increasing together with the consciousness of the importance of riparian ecosystems and biodiversity. Some Cantons in Switzerland and other alpine regions in Austria and in Süd Tiröl (Italy) started replacing the i ...
Water demand for hydropower production has been increasing along with a growing awareness of the importance of preserving riparian ecosystems and their biodiversity. Some Cantons in Switzerland have begun replacing the inadequate concept of Minimum Flow Re ...
Parameter learning strongly amplifies the impact of macro shocks on marginal utility when the representative agent has a preference for early resolution of uncertainty. This occurs as rational belief updating generates subjective long-run consumption risks ...
Long spillways often include more than one chute aerator to assure an appropriate cavitation protection. The first aerator guarantees sufficient bottom air concentration along a limited streamwise distance attributed to deaeration. Further downstream, the ...
The equilibrium of the archetypal morning commute problem with alpha -,B - gamma preferences has been shown to be unstable with various rational adjustment mechanisms, under both continuous and discrete day-to-day dynamics. It is not clear however whether ...
This paper investigates the stability of departure time choice within a population of commuters that need to pass through a bottleneck of constant capacity. It is shown that the corresponding utility function is monotonic if and only if the marginal utilit ...
