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Optimal government policy : a refutation of claims that optimal policy may be time inconsistent
Specifically, we are interested in the question of whether or not the supposed superiority of 'time inconsistent' policies vis-a-vis 'consistent' ones is correct. Given that the notion of 'inconsistency' forms the basis for the recent arguments in favour of 'rules' and against the use of control tec...
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| Format: | Thesis |
| Language: | English |
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School of Economics
2016
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| _version_ | 1867613214176444416 |
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| access_status_str | Open Access |
| author | Walker, Paul |
| author2 | Whittaker, John |
| author_browse | Walker, Paul Whittaker, John |
| author_facet | Whittaker, John Walker, Paul |
| author_sort | Walker, Paul |
| collection | Thesis |
| description | Specifically, we are interested in the question of whether or not the supposed superiority of 'time inconsistent' policies vis-a-vis 'consistent' ones is correct. Given that the notion of 'inconsistency' forms the basis for the recent arguments in favour of 'rules' and against the use of control techniques, this question is of obvious importance. Briefly, the structure of the thesis is as follows. The first chapter concentrates on specifying the general nature of the problems tackled in the 'time inconsistency' literature, and forms the framework for the analysis which follows. Seminal papers on the issue of the 'inconsistency' of optimal plans and the inferiority of 'consistent' solutions are then examined in chapters two and three. A synthesis of the literature is reviewed in chapter four. Chapter five stands by itself as an illustration of the logical difficulties underlying claims that 'optimal' policies are in general 'time inconsistent'. The conclusion is in chapter six.
Bibliography: pages 49-51. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/18372 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:34.479Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2016 |
| publishDateRange | 2016 |
| publishDateSort | 2016 |
| publisher | School of Economics |
| publisherStr | School of Economics |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/18372 Optimal government policy : a refutation of claims that optimal policy may be time inconsistent Walker, Paul Whittaker, John Economics Specifically, we are interested in the question of whether or not the supposed superiority of 'time inconsistent' policies vis-a-vis 'consistent' ones is correct. Given that the notion of 'inconsistency' forms the basis for the recent arguments in favour of 'rules' and against the use of control techniques, this question is of obvious importance. Briefly, the structure of the thesis is as follows. The first chapter concentrates on specifying the general nature of the problems tackled in the 'time inconsistency' literature, and forms the framework for the analysis which follows. Seminal papers on the issue of the 'inconsistency' of optimal plans and the inferiority of 'consistent' solutions are then examined in chapters two and three. A synthesis of the literature is reviewed in chapter four. Chapter five stands by itself as an illustration of the logical difficulties underlying claims that 'optimal' policies are in general 'time inconsistent'. The conclusion is in chapter six. Bibliography: pages 49-51. 2016-03-30T07:09:52Z 2016-03-30T07:09:52Z 1991 Master Thesis Masters MCom http://hdl.handle.net/11427/18372 eng application/pdf School of Economics Faculty of Commerce University of Cape Town |
| spellingShingle | Economics Walker, Paul Optimal government policy : a refutation of claims that optimal policy may be time inconsistent |
| thesis_degree_str | Master's |
| title | Optimal government policy : a refutation of claims that optimal policy may be time inconsistent |
| title_full | Optimal government policy : a refutation of claims that optimal policy may be time inconsistent |
| title_fullStr | Optimal government policy : a refutation of claims that optimal policy may be time inconsistent |
| title_full_unstemmed | Optimal government policy : a refutation of claims that optimal policy may be time inconsistent |
| title_short | Optimal government policy : a refutation of claims that optimal policy may be time inconsistent |
| title_sort | optimal government policy a refutation of claims that optimal policy may be time inconsistent |
| topic | Economics |
| url | http://hdl.handle.net/11427/18372 |
| work_keys_str_mv | AT walkerpaul optimalgovernmentpolicyarefutationofclaimsthatoptimalpolicymaybetimeinconsistent |