On the notion of time-consistency: A comment
It is the purpose of this paper to show that the concept of time-consistency is not uniquely defined in the economics literature. In non-causal models Holly and Zarrop's (1983) time-consistency concept differs from the corresponding concept by Kydland and Prescott (1977). A policy sequence, whi...
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| Veröffentlicht in: | European economic review 1989-07, Vol.33 (6), p.1283-1288 |
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| container_title | European economic review |
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| creator | Wohltmann, Hans-Werner Krömer, Wolfgang |
| description | It is the purpose of this paper to show that the concept of time-consistency is not uniquely defined in the economics literature. In non-causal models Holly and Zarrop's (1983) time-consistency concept differs from the corresponding concept by Kydland and Prescott (1977). A policy sequence, which according to Kydland and Prescott is time-consistent, is time-inconsistent in Holly and Zarrop's terms, whereas a plan, which is consistent in the sense of Holly and Zarrop, is inconsistent in the sense of Kydland and Prescott. |
| doi_str_mv | 10.1016/0014-2921(89)90098-6 |
| format | Article |
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| ispartof | European economic review, 1989-07, Vol.33 (6), p.1283-1288 |
| issn | 0014-2921 1873-572X |
| language | eng |
| recordid | cdi_proquest_journals_198086927 |
| source | RePEc; Elsevier ScienceDirect Journals; Periodicals Index Online |
| subjects | Comparative studies Consistency Economic theory Economics Optimization Policy Time |
| title | On the notion of time-consistency: A comment |
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