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Computing Multi-Period, Information-Constrained Optima

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  • Christopher Phelan
  • Robert M. Townsend

Abstract

This paper presents a detailed theoretical derivation and justification for methods used to compute solutions to a multi-period (including infinite-period), continuum-agent, unobservedeffort economy. Actual solutions are displayed illustrating cross-sectional variability in consumption and labour effort in the population at a point in time and variability for a typical individual over time. The optimal tradeoff between insurance and incentives is explored and the issue of excess variability is addressed by consideration of the analogue full-information economy and various restricted-contracting regimes.

Suggested Citation

  • Christopher Phelan & Robert M. Townsend, 1991. "Computing Multi-Period, Information-Constrained Optima," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(5), pages 853-881.
    • Handle: RePEc:oup:restud:v:58:y:1991:i:5:p:853-881.
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    File URL: http://hdl.handle.net/10.2307/2297941
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