Weak and Strong Time Consistency
Author(s)
Romar Correa
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.
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.
Cite this paper
R. Correa, "Weak and Strong Time Consistency," Theoretical Economics Letters, Vol. 2 No. 1, 2012, pp. 79-82. doi: 10.4236/tel.2012.21015.
R. Correa, "Weak and Strong Time Consistency," Theoretical Economics Letters, Vol. 2 No. 1, 2012, pp. 79-82. doi: 10.4236/tel.2012.21015.
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.
[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.