Time-consistent policies
Time-consistent policies
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.
time inconsistency, open-loop policies, stationarity
353-364
Karp, Larry
c0e2efad-f4e6-4fb9-9630-aaa8cf37b72e
Lee, In Ho
f9fa5dda-198f-4857-8fe5-82023a389d3c
2003
Karp, Larry
c0e2efad-f4e6-4fb9-9630-aaa8cf37b72e
Lee, In Ho
f9fa5dda-198f-4857-8fe5-82023a389d3c
Abstract
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.
This record has no associated files available for download.
More information
Published date: 2003
Keywords:
time inconsistency, open-loop policies, stationarity
Identifiers
Local EPrints ID: 32980
URI: http://eprints.soton.ac.uk/id/eprint/32980
ISSN: 0022-0531
PURE UUID: f0bd08f2-c1f4-4a19-9195-579553b9e6b3
Catalogue record
Date deposited: 15 May 2006
Last modified: 15 Mar 2024 07:40
Export record
Altmetrics
Contributors
Author:
Larry Karp
Author:
In Ho Lee
Download statistics
Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.
View more statistics