Efficiency and equilibrium when preferences are time-inconsistent

被引：12
|
作者：
Luttmer, Erzo G. J.
Mariotti, Thomas
机构：
[1] Univ Toulouse 1, GREMAQ, CNRS, UMR 5604, F-31000 Toulouse, France
[2] IDEI, F-31000 Toulouse, France
[3] Univ Minnesota, Dept Econ, Minneapolis, MN 55455 USA
[4] Fed Reserve Bank Minneapolis, Minneapolis, MN USA
[5] Univ London London Sch Econ & Polit Sci, Dept Econ, London WC2A 2AE, England
[6] Ctr Econ Policy Res, London SW1Y 6LA, England
来源：
JOURNAL OF ECONOMIC THEORY | 2007年 / 132卷 / 01期
关键词：
time-inconsistent preferences; competitive equilibrium; Pareto efficiency;
D O I：
10.1016/j.jet.2005.07.004
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We consider an exchange economy with time-inconsistent consumers whose preferences are additively separable. If consumers have identical discount factors, then allocations that are Pareto efficient at the initial date are also renegotiation-proof. In an economy with a sequence of markets, competitive equilibria are Pareto efficient in this sense, and for generic endowments, only if preferences are locally homothetic. (c) 2005 Elsevier Inc. All rights reserved.
引用
收藏
页码：493 / 506
页数：14
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