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Time Consistent Dynamic Risk Measures
Mathematical Methods of Operations Research, 2006zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Boda, K, Filar, JA
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Time Consistent Public Expenditures [PDF]
, 2004 How should aggregate public expenditures be traded off against their financing costs? We incorporate public expenditures into a standard neoclassical growth setup with model policy choice as made by a government choosing tax rates and spending so that the resulting competitive equilibrium allocation maximizes consumer welfare.
Paul Klein +2 more
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Time-Consistent Health Insurance
Journal of Political Economy, 1995Abstract Currently available health insurance contracts do not fully insure many long-term illnesses, such as AIDS, cancer, senile dementia, heart disease, or organ failure. Many people who get such diseases face ruinous increases in premiums.
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2000
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.
Karp, Larry S. +3 more
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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.
Karp, Larry S. +3 more
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ARE TIME CONSISTENT VALUATIONS INFORMATION MONOTONE?
International Journal of Theoretical and Applied Finance, 2014Multi-period risk functionals assign a risk value to discrete-time stochastic processes. While convexity and monotonicity extend in straightforward manner from the single-period case, the role of information is more problematic in the multi-period situation.
Kovacevic, R.M., Pflug, G.C.
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Time-Consistent Criminal Sanctions [PDF]
, 1993 A classic argument in the theory of crime is that optimal enforcement policy should involve maximal sanctions combined with minimal detection costs. Yet this is rarely observed in the real world. We argue that reson for this has to do with the time inconsistency of such a policy.
Robin W. Boadway, Nicolas Marceau
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Time-consistent redistribution
European Economic Review, 2002If the government cares more about workers than about capitalists and taxes capital income to finance redistribution to workers, how are inequality and capital accumulation affected in the long run? Assuming that the government cannot commit to future taxes, a time-consistent equilibrium – a differentiable subgame-perfect Markov equilibrium – is ...
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BUREAUCRACY AND TIME CONSISTENCY*
Economics & Politics, 1993We construct a model that takes seriously the role of bureaucracy in the characterization of time‐consistent policies. We argue that if the possibilities for governments to reduce the size of bureaucracy are limited, bureaucracy can be used as a means for influencing future governments.
PERTTI HAAPARANTA, MIKKO PUHAKKA
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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
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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
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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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