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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 J. Greenberg's (1990) '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. Copyright 1997 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 64 (1997)
Issue (Month): 3 (July)
Pages: 427-43

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Handle: RePEc:bla:restud:v:64:y:1997:i:3:p:427-43

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Find related papers by JEL classification:

• C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
• C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
• C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other

References

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10. Nalebuff, B. & Shubik, M., 1988. "Revenge And Rational Play," Papers 138, Princeton, Woodrow Wilson School - Public and International Affairs.
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