| Article ID: | iaor19942312 |
| Country: | Germany |
| Volume: | 15 |
| Start Page Number: | 139 |
| End Page Number: | 146 |
| Publication Date: | Jan 1993 |
| Journal: | OR Spektrum |
| Authors: | Dyckhoff H. |
In German literature there has been a long discussion whether the utility function of the von Neumann/Morgenstern expected utility theory equals a measurable value function, i.e. measures the preference intensity under certainty. This paper argues against this assertion by considering properties of time preference being analogous to (relative) risk preference.