Consistent planning under quasi-geometric discounting

• 成果类型: Article
• 署名作者: Sorger, G
• 署名单位: University of Vienna
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2003.10.002
• 发表日期: 2004
• 页码: 118-129
• 关键词: quasi-geometric discounting; time consistency; Markov-perfect equilibrium; Sunspot equilibrium

摘要

We study properties of stationary Markov-perfect equilibria in a general model of intertemporal choice under quasi-geometric discounting. The dynamics generated by stationary Markov-perfect equilibria can be very complicated, even if the model satisfies strict convexity and smoothness properties and the decision maker is arbitrarily patient. If there exist multiple stationary Markov-perfect equilibria, then it is in general possible to construct infinitely many non-degenerate stationary sunspot equilibria as well. (C) 2003 Elsevier Inc. All rights reserved.