Time-consistent policies

• 成果类型: Article
• 署名作者: Karp, L; Lee, IH
• 署名单位: University of California System; University of California Berkeley; Seoul National University (SNU); University of Southampton
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00067-X
• 发表日期: 2003
• 页码: 353-364
• 关键词: time inconsistency; open-loop policies; stationarity

摘要

In many cases the optimal open-loop policy to influence agents who solve dynamic problems is time inconsistent. We show how to construct a time-consistent open-loop policy rule. We also consider an additional restriction under which the time-consistent open-loop policy is stationary. We use examples to illustrate the properties of these tax rules. (C) 2003 Elsevier Science (USA). All rights reserved.