Fundamental Standards and Time Consistency
Recent literature showed that government intervention is important to overcome market failures in the choice of standards. This paper shows that even benevolent and well-informed governments may be unable to overcome such market failures if fundamental standards are concerned. Costs and benefits of changes in fundamental standards are asymmetrically distributed over generations. Intergenerational coordination aimed at changing a current standard will fail because of a time consistency problem. With a simple model and several examples from the history of conventions, the authors discuss the conditions that might help overcome the time inconsistency in standard changing policies. Copyright 1993 by WWZ and Helbing & Lichtenhahn Verlag AG
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Volume (Year): 46 (1993)
Issue (Month): 4 ()
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Verbon, Harrie A A, 1986. "Altruism, Political Power and Public Pensions," Kyklos, Wiley Blackwell, vol. 39(3), pages 343-358.
- Katz, Michael L & Shapiro, Carl, 1985. "Network Externalities, Competition, and Compatibility," American Economic Review, American Economic Association, vol. 75(3), pages 424-440, June.
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- Homburg, Stefan, 1988. "Theorie der Alterssicherung," EconStor Books, ZBW - German National Library of Economics, number 92902.
- Blankart, C. & Knieps, G., 1991. "Path Dependence, Network Externalities and Standardization," Papers 439, Groningen State, Institute of Economic Research-.
- Bliss, Christopher & Nalebuff, Barry, 1984. "Dragon-slaying and ballroom dancing: The private supply of a public good," Journal of Public Economics, Elsevier, vol. 25(1-2), pages 1-12, November.
- Katz, Michael L & Shapiro, Carl, 1986. "Technology Adoption in the Presence of Network Externalities," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 822-841, August.
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