Efficiency and equilibrium when preferences are time-inconsistent

DOI10.1016/J.JET.2005.07.004MaRDI QIDQ869876zbMATH OpenOpenAlexFDO

Authors Erzo G. J. Luttmer, Thomas Mariotti

Publication date 9 March 2007

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL http://eprints.lse.ac.uk/19320/1/Efficiency_and_Equilibrium_when_Preferences_are_Time-Inconsistent.pdf

zbMATH Keywords

competitive equilibriumtime-inconsistent preferencesPareto efficiency

Mathematics Subject Classification ID

Dynamic games (91A25) General equilibrium theory (91B50) Special types of economic markets (including Cournot, Bertrand) (91B54)

Recommendations

• Efficiency of competitive equilibria in economies with time-dependent preferences
• Time-inconsistent preferences in a general equilibrium model
• Competitive equilibrium when preferences change over time
• Non-existence of competitive equilibria with dynamically inconsistent preferences
• Time preferences and bargaining

Cites work

• scientific article; zbMATH DE number 3827534 (Why is no real title available?)
• Dynamic Choices of Hyperbolic Consumers
• Efficiency and equilibrium when preferences are time-inconsistent
• Equilibrium welfare and government policy with quasi-geometric discounting
• Golden Eggs and Hyperbolic Discounting
• On the Existence of a Consistent Course of Action when Tastes are Changing
• Ramsey Meets Laibson in the Neoclassical Growth Model
• The Inefficiency of the Stock Market Equilibrium

Cited in

(16)

• Consumption externalities with endogenous time preference
• Durable goods as commitment devices under quasi-hyperbolic discounting
• Why mandate young borrowers to contribute to their retirement accounts?
• A note on time preference and the Tobin effect
• Continuous Markov equilibria with quasi-geometric discounting
• Risk aversion and the elasticity of substitution in general dynamic portfolio theory: consistent planning by forward looking, expected utility maximizing investors
• Efficiency of competitive equilibria in economies with time-dependent preferences
• General equilibrium and dynamic inconsistency
• Efficiency and equilibrium when preferences are time-inconsistent
• Competitive equilibrium when preferences change over time
• Endogenous time preference, investment externalities, and equilibrium indeterminacy
• Time-inconsistent preferences and social security: revisited in continuous time
• On the price of commitment assets in a general equilibrium model with credit constraints and tempted consumers
• Non-market reopening, time-consistent plans and the structure of intertemporal preferences
• Time-inconsistent preferences in a general equilibrium model
• Non-existence of competitive equilibria with dynamically inconsistent preferences

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