Horizon-unbiased utility functions (Q2464859)

Simply put, this paper is concerned with the determination of the best time to sell a single unit of an indivisible asset, the agent doing the selling having access to a financial market. The authors argue that, even in the infinite horizon case, the problem can be expressed as one of maximization with respect to an inter-temporal utility function. The appropriate economic interpretation requires that the time dependence of this utility function not be arbitrary, and also that certain consistency conditions be met.