التفاصيل البيبلوغرافية
| العنوان: |
Non-constant discounting in continuous time |
| المؤلفون: |
Karp, L |
| المصدر: |
Journal of Economic Theory, vol 132, iss 1 |
| بيانات النشر: |
eScholarship, University of California |
| سنة النشر: |
2007 |
| المجموعة: |
University of California: eScholarship |
| مصطلحات موضوعية: |
hyperbolic discounting, time consistency, Markov equilibria, non-uniqueness, observational equivalence, Pareto efficiency |
| جغرافية الموضوع: |
557 - 568 |
| الوصف: |
This paper derives the dynamic programming equation (DPE) to a differentiable Markov Perfect equilibrium in a problem with non-constant discounting and general functional forms. Beginning with a discrete stage model and taking the limit as the length of the stage goes to 0 leads to the DPE corresponding to the continuous time problem. The note discusses the multiplicity of equilibria under non-constant discounting, calculates the bounds of the set of candidate steady states, and Pareto ranks the equilibria. (c) 2005 Published by Elsevier Inc. |
| نوع الوثيقة: |
article in journal/newspaper |
| وصف الملف: |
application/pdf |
| اللغة: |
unknown |
| العلاقة: |
qt8d52f6w7; https://escholarship.org/uc/item/8d52f6w7Test |
| الإتاحة: |
https://escholarship.org/uc/item/8d52f6w7Test |
| حقوق: |
public |
| رقم الانضمام: |
edsbas.621940E6 |
| قاعدة البيانات: |
BASE |
