English, Article, Journal or magazine article edition: A Stochastic Model for the Utility of Income John K. Dagsvik; Steinar Strøm and Zhiyang Jia

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Bookmark: http://trove.nla.gov.au/version/41587
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Stochastic Model for the Utility of Income
Author
  • John K. Dagsvik
  • Steinar Strøm and Zhiyang Jia
Physical Description
  • preprint
Notes
  • 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.
  • Utility of income; Random utility; Invariance principles.
  • RePEc:ssb:dispap:358
Language
  • English
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