At the zero lower bound, New Keynesian model predicts that output and inflation collapse to implausibly low levels, government spending forward guidance have large effects. To resolve these anomalies, we introduce wealth into utility function; justification is a marker of social status, people value status. Since partly save accrue Euler equation modified. As result, when marginal sufficiently ...

Construction time and overruns for infrastructure projects have been frequently studied; however, the construction of power plants has not studied. This lack study is problematic, as more renewable energy plants, such wind solar, are planned many jurisdictions. Accurately estimating a plant will assist planning, budget estimates, policy development encouraging use sources. The times utility sca...

This article investigates the representative-agent hypothesis for a population which faces a collective choice from a given finite-dimensional space of alternatives. Each individual’s preference ordering is assumed to admit a utility representaion through an element of an exogenously given set of admissible utility functions. In addition, we assume that (i) the class of admissible utility funct...

Making choices is a fundamental aspect of human life. For over a century experimental economists have characterized the decisions people make based on the concept of a utility function. This function increases with increasing desirability of the outcome, and people are assumed to make decisions so as to maximize utility. When utility depends on several variables, indifference curves arise that ...