The source of time inconsistency in optimal plans

Kydland-Prescott (1977) and Calvo (1978) have argued that optimal dynamic plans are time inconsistent in general. It is shown that their demonstrations of this proposition are not valid. However, the proposition is correct because a later optimization problem always drops some condition required of...

詳細記述

書誌詳細
出版年:The Philippine Review of Business and Economics Vol. XXX, No. 2 (December 1993), p. [157]-164.
第一著者: Encarnacion, Jose, Jr (著者)
フォーマット: Analytics
言語:English
出版事項: 1993.
主題: