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Individual and Collective Time Consistency

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  • Asheim, G.

    (Tilburg University, School of Economics and Management)

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 refinement is offred through an analysis based on Greenberg's "theory of social situations". A unifying framework is presented whereby consistent one-person planning as a problem of individual time-consistency and renegotiation-proofness as a problem of colective time-consistency are captured through the same general concept.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Asheim, G., 1991. "Individual and Collective Time Consistency," Other publications TiSEM b8d92334-24dd-423f-a9b8-c, Tilburg University, School of Economics and Management.
  • Handle: RePEc:tiu:tiutis:b8d92334-24dd-423f-a9b8-c46b0f7b4268
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    References listed on IDEAS

    as
    1. R. A. Pollak, 1968. "Consistent Planning," Review of Economic Studies, Oxford University Press, vol. 35(2), pages 201-208.
    2. Bergin James & MacLeod W. Bentley, 1993. "Efficiency and Renegotiation in Repeated Games," Journal of Economic Theory, Elsevier, vol. 61(1), pages 42-73, October.
    3. Farrell, Joseph & Maskin, Eric, 1989. "Renegotiation in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 327-360, December.
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    5. Steven M. Goldman, 1980. "Consistent Plans," Review of Economic Studies, Oxford University Press, vol. 47(3), pages 533-537.
    6. Geir B. Asheim, 1997. "Individual and Collective Time-Consistency," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 64(3), pages 427-443.
    7. Bennett, E. & van Damme, E.E.C., 1990. "Demand commitment bargaining : The case of apex games," Other publications TiSEM ef13c9a9-3db6-4939-96ef-5, Tilburg University, School of Economics and Management.
    8. Asheim, G.B., 1988. "Renegotiation-Proofness In Finite And Infinite Stage Games Through The Theory Of Social Situations," Papers 04-88, Norwegian School of Economics and Business Administration-.
    9. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
    10. Asheim, Geir B., 1991. "Extending renegotiation-proofness to infinite horizon games," Games and Economic Behavior, Elsevier, vol. 3(3), pages 278-294, August.
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    12. Alvin E. Roth, 1976. "Subsolutions and the Supercore of Cooperative Games," Mathematics of Operations Research, INFORMS, vol. 1(1), pages 43-49, February.
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    19. Geir B. Asheim, 1988. "Rawlsian Intergenerational Justice as a Markov-Perfect Equilibrium in a Resource Technology," Review of Economic Studies, Oxford University Press, vol. 55(3), pages 469-483.
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    22. Douglas Bernheim, B. & Ray, Debraj, 1989. "Collective dynamic consistency in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 295-326, December.
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    More about this item

    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

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