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 ...
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 ...
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 ...
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 ...
