Non-existence of competitive equilibria with dynamically inconsistent preferences

DOI10.1007/S00199-011-0623-9MaRDI QIDQ1941976zbMATH OpenOpenAlexFDO

Authors Tommaso Gabrieli, Sayantan Ghosal

Publication date 25 March 2013

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL https://ageconsearch.umn.edu/record/271300/files/twerp_900.pdf

zbMATH Keywords

competitive equilibriumdynamically inconsistent preferencesexistencenon-convexitysatiation

Mathematics Subject Classification ID

Special types of economic equilibria (91B52) Special types of economic markets (including Cournot, Bertrand) (91B54)

Recommendations

• Time-inconsistent preferences in a general equilibrium model
• Competitive equilibrium when preferences change over time
• Efficiency and equilibrium when preferences are time-inconsistent
• Robust nonexistence of equilibrium with incomplete markets
• Existence of equilibria in incomplete markets with non-ordered preferences

Cites work

• Additive Preferences
• Competitive equilibrium when preferences change over time
• Consistent Intertemporal Decision Making
• Consistent Plans
• Dynamic Choices of Hyperbolic Consumers
• Efficiency and equilibrium when preferences are time-inconsistent
• Golden Eggs and Hyperbolic Discounting
• On the completeness of complete markets
• On the Existence of a Consistent Course of Action when Tastes are Changing
• Psychological expected utility theory and anticipatory feelings
• Ramsey Meets Laibson in the Neoclassical Growth Model
• The recursive approach to time inconsistency
• Time-inconsistent preferences in a general equilibrium model

Cited in

(14)

• Competitive equilibria without free disposal or nonsatiation
• On the price of commitment assets in a general equilibrium model with credit constraints and tempted consumers
• Optimal consumption with time-inconsistent preferences
• Foundation of competitive equilibrium with non-transferable utility
• Durable goods as commitment devices under quasi-hyperbolic discounting
• Doing it now, later, or never
• Indeterminacy of intertemporal equilibria under imperfect competition
• Unrealized arbitrage opportunities in naive equilibria with non-Bayesian belief processes
• General equilibrium and dynamic inconsistency
• Time inconsistency of a central bank in a monetary search model with agent's time inconsistency
• Competitive equilibrium when preferences change over time
• Time-inconsistent preferences in a general equilibrium model
• Efficiency and equilibrium when preferences are time-inconsistent
• Efficiency of competitive equilibria in economies with time-dependent preferences

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