Weak and Strong Time Consistency

DOI: 10.4236/tel.2012.21015   PDF   HTML   XML   4,091 Downloads   6,993 Views  

Abstract

We motivate and provide proofs of Ba?ar and Olsder’s (1995) theorems on the subject. The context is the increasing appreciation that the neoclassical framework is not the only model of the economy.

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R. Correa, "Weak and Strong Time Consistency," Theoretical Economics Letters, Vol. 2 No. 1, 2012, pp. 79-82. doi: 10.4236/tel.2012.21015.

Conflicts of Interest

The authors declare no conflicts of interest.

References

[1] United States House of Representatives, “Building a Science of Economics for the Real World,” website for the Committee on Science and Technology, 20 July 2010.
[2] D. Colander, “How Did Macro Theory Get So Far off Track and What Can Heterodox Macroeconomics Do to Get Back on Track?” Middlebury College Economics Discussion Paper No. 09-11, 2009.
[3] P. Omerod, “Keynes, Hayek and Complexity,” In: M. Faggini and T. Lux, Eds., Coping with the Complexity of Economics, Springer-Verlag, Rome, 2009, pp. 19-32. doi:10.1007/978-88-470-1083-3_2
[4] T. Basar and G. J. Olsder, “Dynamic Noncooperative Game Theory,” Academic Press, London, 1995.

  
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