Cross-cultural research in IT adoption has so far most often concentrated on disparities in IT adoption between countries with highly different culture profiles. Instead, we argue that there are also differences between cultural closely related countries (which, e.g., are geographically close and share the same language) which need to be understood. The question raises whether the dimensions of...

The presence of illiquid assets, such as human wealth, housing and a proprietorship substantially complicates the problem of portfolio choice. This paper is concerned with the problem of optimal asset allocation and consumption in a continuous time model when one asset cannot be traded. This illiquid asset, which depends on an uninsurable source of risk, provides a liquid dividend. In the case ...

In this paper we argue that implementing the income in the utility function can considerably contribute to the explanation of the equity premium puzzle. Macroeconomic data from developed and developing countries provides support to this idea. We propose a utility function that includes consumption, income and disentangles dividends as a specific form of income, and price assets using a consumpt...

This paper analyzes the relationships between the values and dispersion of residential properties and the environmental-health quality of their locations. It constructs residents’ health-adjusted lifetime-utility function by combining satisfaction from consumption over the lifespan with risk to life from living in an environmentally unhealthy location. It employs this utility function to analyz...

in this study, sustainable management of saravan park of gilan was planned in the form a decision support system model in 3 periods of 10 years for different states of park and considering the economics, ecological and social criteria. in the first, using fuzzy analytic hierarchy programming, desirable level of economics, ecological and social criteria in their composite utility value in differ...

We investigate how an investor’s preference for sustainable assets in the portfolio varies differing levels of risk aversion. Using a sample 411 publicly listed firms S&P 500, we calculate financial and sustainability returns, on which utility depends. approximate by exponential s-shaped function optimize with regard to preference. find that increasing aversion, both minimum-variance maximu...

A definition of the value of a statistical life is derived. This definition has a meaningful interpretation in terms of the monetary value of expected present value utility if consumption is age-independent. In all other cases, empirical estimates of the value of a statistical life are biased estimators of the monetary counterpart to expected present value utility.

We study how to find plans that maximize the expected total utility for a given MDP, a planning objective that is important for decision making in high-stakes domains. The optimal actions can now depend on the total reward that has been accumulated so far in addition to the current state. We extend our previous work on functional value iteration from one-switch utility functions to all utility ...