Individual and Collective Time-Consistency

S-Tier
Journal: Review of Economic Studies
Year: 1997
Volume: 64
Issue: 3
Pages: 427-443

Score contribution per author:

8.043 = (α=2.01 / 1 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

This paper reconsiders the Strotz-Pollak problem of consistent planning and argues that a solution to this problem requires a refinement of subgame-perfectness. Such a refinement is offered through an analysis based on Greenberg's "theory of social situations". The properties of this refinement are investigated and illustrated. A unifying framework is presented whereby consistent one-person planning as a problem of individual time-consistency and renegotiation-proofness as a problem of collective time-consistency are captured through the same general concept.

Technical Details

RePEc Handle
repec:oup:restud:v:64:y:1997:i:3:p:427-443.
Journal Field
General
Author Count
1
Added to Database
2026-01-24