Results 171 to 180 of about 913,251 (200)
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Review of Economic Studies, 2008
In this paper we study how a benevolent government that cannot commit to future policy should trade off the costs and benefits of public expenditure. We characterize and solve for Markov-perfect equilibria of the dynamic game between successive governments.
Klein, Paul +2 more
openaire +3 more sources
In this paper we study how a benevolent government that cannot commit to future policy should trade off the costs and benefits of public expenditure. We characterize and solve for Markov-perfect equilibria of the dynamic game between successive governments.
Klein, Paul +2 more
openaire +3 more sources
Time-Consistent Criminal Sanctions [PDF]
, 1994 A classic argument in the theory of crime is that optimal enforcement policy should involve maximal sanctions and no crime. Yet this is rarely observed in the real world. We argue that one reason for this has to do with the time inconsistency of such a policy. If sanctions are only applied after a crime has been committed, the enforcement authority may
BOADWAY, Robin +2 more
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Time - Consistent Bailout Plans [PDF]
, 2011 Bailout policy is time-inconsistent, which results in multiple equilibria characterized by too much leverage, high risk correlation and little liquidity holding. I show that a long-run horizon allows the policy-maker to define bailout plans that rule out the worse equilibria. This result contrasts with the standard finding in environments with a unique
openaire
Consistency retention method for CNC machine tool digital twin model
Journal of Manufacturing Systems, 2021Tianliang Hu
exaly
Time consistency and time consistent generalized convex multistage risk measures
IMA Journal of Management Mathematics, 2015Li Yang, Zhi Ping Chen, Feng Zhang
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On a time consistency concept in risk averse multistage stochastic programming
Operations Research Letters, 2009Alexander Shapiro
exaly