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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
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Georg Ch. Pflug, Alois Pichler
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Time consistency and time consistent generalized convex multistage risk measures

IMA Journal of Management Mathematics, 2015
Li Yang, Zhi Ping Chen, Feng Zhang
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Time Consistency and Entrapment

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The Time-Consistency Problem

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Reputation and Time Consistency.

American Economic Review, 1989
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