Efficiency and equilibrium when preferences are time-inconsistent

DOI10.1016/J.JET.2005.07.004zbMath1142.91641OpenAlexW3022433613MaRDI QIDQ869876

Thomas Mariotti, Erzo G. J. Luttmer

Publication date: 9 March 2007

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: http://eprints.lse.ac.uk/19320/1/Efficiency_and_Equilibrium_when_Preferences_are_Time-Inconsistent.pdf

zbMATH Keywords

Pareto efficiencycompetitive equilibriumtime-inconsistent preferences

Mathematics Subject Classification ID

General equilibrium theory (91B50) Dynamic games (91A25) Special types of economic markets (including Cournot, Bertrand) (91B54)

Related Items (9)

Continuous Markov equilibria with quasi-geometric discounting ⋮ Time-inconsistent preferences in a general equilibrium model ⋮ Efficiency and equilibrium when preferences are time-inconsistent ⋮ On the price of commitment assets in a general equilibrium model with credit constraints and tempted consumers ⋮ Durable goods as commitment devices under quasi-hyperbolic discounting ⋮ Efficiency of competitive equilibria in economies with time-dependent preferences ⋮ Non-existence of competitive equilibria with dynamically inconsistent preferences ⋮ Why mandate young borrowers to contribute to their retirement accounts? ⋮ Risk aversion and the elasticity of substitution in general dynamic portfolio theory: consistent planning by forward looking, expected utility maximizing investors

Cites Work

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• Equilibrium welfare and government policy with quasi-geometric discounting
• Efficiency and equilibrium when preferences are time-inconsistent
• The Inefficiency of the Stock Market Equilibrium
• Golden Eggs and Hyperbolic Discounting
• Dynamic Choices of Hyperbolic Consumers
• Ramsey Meets Laibson in the Neoclassical Growth Model
• On the Existence of a Consistent Course of Action when Tastes are Changing

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