Computing Multiperiod, Information-Constrained Optima
AbstractThis paper presents a detailed theoretical derivation and justification for methods used to compute solutions to a multiperiod (including infinite-period), continuum-agent, unobserved-effort economy. Actual solutions are displayed illustrating cross-sectional variability in consumption and labor 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. Copyright 1991 by The Review of Economic Studies Limited.
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Bibliographic InfoPaper provided by Chicago - Economics Research Center in its series University of Chicago - Economics Research Center with number 90-13.
Length: 40 pages
Date of creation: 1990
Date of revision:
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Postal: UNIVERSITY OF CHICAGO, ECONOMICS RESEARCH CENTER, NORC, CHICAGO ILLINOIS 60637 U.S.A.
Web page: http://economics.uchicago.edu/research.shtml
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economic equilibrium ; macroeconomics ; economic models;
Other versions of this item:
- Phelan, Christopher & Townsend, Robert M, 1991. "Computing Multi-period, Information-Constrained Optima," Review of Economic Studies, Wiley Blackwell, vol. 58(5), pages 853-81, October.
- Christopher Phelan & Robert M Townsend, 2010. "Computing Multi-Period, Information Constrained Optima," Levine's Working Paper Archive 117, David K. Levine.
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