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Consistent Planning Under Uncertain Lifetime

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Author Info
JOSEF HADAR
TAE KUN SEO
Abstract

This paper considers the problem of intertemporal planning when changing tastes result in inconsistent plans. This problem has been considered in the literature under the assumption of a lifetime certainty. Some of the solutions proposed in the literature exhibit certain undesirable properties such as incoherence and lack of Pareto-optimality. This paper proposes a procedure for solving the intertemporal dilemma when lifetime is uncertain. The proposed solution is coherent and Pareto-optimal, and is, in fact, valid for the case of certain as well as uncertain lifetime. [020]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 1 (1987)
Issue (Month): 2 (June)
Pages: 95-108
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Handle: RePEc:taf:intecj:v:1:y:1987:i:2:p:95-108

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  1. Hadar, Josef & Kun Seo, Tae, 1981. "Consistent planning with changing tastes," Economics Letters, Elsevier, vol. 7(3), pages 207-210. [Downloadable!] (restricted)
  2. Weller, Paul, 1978. "Consistent Intertemporal Decision-making under Uncertainty," Review of Economic Studies, Blackwell Publishing, vol. 45(2), pages 263-66, June. [Downloadable!] (restricted)
  3. Burness, H Stuart, 1976. "A Note on Consistent Naive Intertemporal Decision Making and an Application to the Case of Uncertain Lifetime," Review of Economic Studies, Blackwell Publishing, vol. 43(3), pages 547-49, October. [Downloadable!] (restricted)
  4. Hammond, Peter J, 1976. "Changing Tastes and Coherent Dynamic Choice," Review of Economic Studies, Blackwell Publishing, vol. 43(1), pages 159-73, February. [Downloadable!] (restricted)
  5. Goldman, Steven M, 1980. "Consistent Plans," Review of Economic Studies, Blackwell Publishing, vol. 47(3), pages 533-37, April. [Downloadable!] (restricted)
  6. Peleg, Bezalel & Yaari, Menahem E, 1973. "On the Existence of a Consistent Course of Action when Tastes are Changing," Review of Economic Studies, Blackwell Publishing, vol. 40(3), pages 391-401, July. [Downloadable!] (restricted)
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