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Individual and Collective Time-Consistency

  • Asheim, Geir B

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 a refinement is offered through an analysis based on J. Greenberg's (1990) 'theory of social situations.' The properties of this refinement are investigated and illustrated. A unifying framework is presented whereby consistent one-person planning as a problem of individual time-consistency and renegotiation-proofness as a problem of collective time-consistency are captured through the same general concept. Copyright 1997 by The Review of Economic Studies Limited.

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Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 64 (1997)
Issue (Month): 3 (July)
Pages: 427-43

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Handle: RePEc:bla:restud:v:64:y:1997:i:3:p:427-43
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  1. Hellwig, Martin & Leininger, Wolfgang, 1987. "On the existence of subgame-perfect equilibrium in infinite-action games of perfect information," Journal of Economic Theory, Elsevier, vol. 43(1), pages 55-75, October.
  2. Peleg, Bezalel & Yaari, Menahem E, 1973. "On the Existence of a Consistent Course of Action when Tastes are Changing," Review of Economic Studies, Wiley Blackwell, vol. 40(3), pages 391-401, July.
  3. Piccione, Michele & Rubinstein, Ariel, 1997. "On the Interpretation of Decision Problems with Imperfect Recall," Games and Economic Behavior, Elsevier, vol. 20(1), pages 3-24, July.
  4. Kotlikoff, Laurence J & Persson, Torsten & Svensson, Lars E O, 1988. "Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem," American Economic Review, American Economic Association, vol. 78(4), pages 662-77, September.
  5. Akerlof, George A, 1991. "Procrastination and Obedience," American Economic Review, American Economic Association, vol. 81(2), pages 1-19, May.
  6. 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-.
  7. Asheim, Geir B, 1997. "Individual and Collective Time-Consistency," Review of Economic Studies, Wiley Blackwell, vol. 64(3), pages 427-43, July.
  8. MacLeod, B.W. & Bergin, J., 1991. "Efficiency and Renegotiation in Repeated Games," Cahiers de recherche 9118, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  9. Goldman, Steven M, 1980. "Consistent Plans," Review of Economic Studies, Wiley Blackwell, vol. 47(3), pages 533-37, April.
  10. 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.
  11. Abrea Dilip & Pearce David & Stacchetti Ennio, 1993. "Renegotiation and Symmetry in Repeated Games," Journal of Economic Theory, Elsevier, vol. 60(2), pages 217-240, August.
  12. Farrell, Joseph & Maskin, Eric, 1989. "Renegotiation in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 327-360, December.
  13. Nalebuff, B. & Shubik, M., 1988. "Revenge And Rational Play," Papers 138, Princeton, Woodrow Wilson School - Public and International Affairs.
  14. Dilip Abreu & David Pearce & Ennio Stacchetti, 1989. "Renegotiation and Symmetry in Repeated Games," STICERD - Theoretical Economics Paper Series 198, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  15. Asheim, G.B., 1988. "Extending Renegotiation-Proofness To Infinite Horizon Games," Papers 16-88, Norwegian School of Economics and Business Administration-.
  16. Dekel, Eddie & Farrell, Joseph, 1990. "One-Sided Patience with One-Sided Communication Does Not Justify Stackelberg Equilibrium," Department of Economics, Working Paper Series qt58n9q9vz, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  17. Douglas Bernheim, B. & Ray, Debraj, 1989. "Collective dynamic consistency in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 295-326, December.
  18. Hammond, Peter J, 1976. "Changing Tastes and Coherent Dynamic Choice," Review of Economic Studies, Wiley Blackwell, vol. 43(1), pages 159-73, February.
  19. Asheim, Geir B, 1988. "Rawlsian Intergenerational Justice as a Markov-Perfect Equilibrium in a Resource Technology," Review of Economic Studies, Wiley Blackwell, vol. 55(3), pages 469-83, July.
  20. Bennett, E. & van Damme, E.E.C., 1990. "Demand commitment bargaining : The case of apex games," Discussion Paper 1990-62, Tilburg University, Center for Economic Research.
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