Results 231 to 240 of about 165,476 (262)
Some of the next articles are maybe not open access.
Time-Inconsistent Regulator Problems
2021In this chapter we study two time-inconsistent versions of the classical linear quadratic regulator. In the first version, time inconsistency enters through a quadratic function of the expected value. In the second version, time inconsistency enters through an explicit dependence of the initial state in the quadratic term.
Tomas Björk +2 more
openaire +1 more source
Modelling time-inconsistent preferences
European Economic Review, 2000Abstract The paper reviews some recent theoretical contributions on the modelization of time-inconsistent preferences, as well as implications for individual behavior. The focus is on the interpretation of the concepts and the link with concepts in psychology.
Caillaud, Bernard, Jullien, Bruno
openaire +1 more source
DOES TIME-INCONSISTENCY REALLY MATTER?
IFAC Proceedings Volumes, 1989Abstract This paper considers the optimal policy design problem for an econometric model with forward-looking agents. It suggests a new approach to the question of how policymakers should react to new information. This is seen to have implications for the question of whether time-inconsistency is a practically important constraint on the policy ...
openaire +1 more source
The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary Policy
Journal of Optimization Theory and Applications, 2011zbMATH Open Web Interface contents unavailable due to conflicting licenses.
openaire +2 more sources
Time-Inconsistent Stopping in Continuous Time
2021We now turn to the case of time-inconsistent stopping problems in continuous time. We start by formulating the problem and formally defining the continuous-time equilibrium concept. In order to derive the relevant extension of variational inequalities for the time-inconsistent problem, we discretize (to some extent) the continuous-time problem, use our
Tomas Björk +2 more
openaire +1 more source
Time-Inconsistent Stopping in Discrete Time
2021We now go on to study a class of time-inconsistent stopping problems in discrete time. We start by defining the concepts of Markovian stopping strategies and subgame-perfect Nash equilibrium stopping strategies. Following similar steps to those in the control case, we then proceed to derive an extension of the standard Wald–Bellman equation to a non ...
Tomas Björk +2 more
openaire +1 more source
ENFORCING TIME‐INCONSISTENT REGULATION
Economic Inquiry, 1992Passage of legislation enacting a regulatory program does not ensure that the program will be successfully implemented. Certain regulations require significant long‐term investment by firms prior to their enforcement date. If firms do not engage in the desired investment, enforcing the regulations may generate significant welfare losses for society ...
openaire +1 more source
Time-inconsistency of VaR and time-consistent alternatives
Finance Research Letters, 2007We show that VaR (Value-at-Risk) is not time-consistent and discuss examples where this can lead to dynamically inconsistent behavior. Then we propose two time-consistent alternatives to VaR. The first one is a composition of one-period VaR's. It is time-consistent but not coherent. The second one is a composition of average VaR's.
Cheridito, P., Stadje, M.A.
openaire +1 more source
Sexual Reproduction and Time-Inconsistent Preferences
SSRN Electronic Journal, 2005Discounting of future payoffs can be given an evolutionary explanation by noting that, from the point of view of the gene, the offspring of its carrier will itself have the gene with probability less than one. Because humans used to live in small groups, with a high degree of inter-relatedness, this probability may have been greater than one-half. This
openaire +1 more source