Time-Consistent Policies

Larry Karp and In Ho Lee

No 6275, CUDARE Working Papers from University of California, Berkeley, Department of Agricultural and Resource Economics

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.

Keywords: Public; Economics (search for similar items in EconPapers)
Pages: 28
Date: 2000
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Related works:
Journal Article: Time-consistent policies (2003)
Working Paper: Time-Consistent Policies (2003)
Working Paper: Time-Consistent Policies (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ucbecw:6275

DOI: 10.22004/ag.econ.6275

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