A note on the welfare of a sophisticated time-inconsistent decision-maker

Kodritsch, Sebastian

[working paper]

dc.contributor.author	Kodritsch, Sebastian	de
dc.date.accessioned	2016-02-25T14:13:30Z
dc.date.available	2016-02-25T14:13:30Z
dc.date.issued	2015	de
dc.identifier.uri	http://www.ssoar.info/ssoar/handle/document/46264
dc.description.abstract	I examine the circumstances under which a sophisticated time-inconsistent decisionmaker (i) will not or (ii) need not severely miscoordinate her behavior across time, in the sense of following a course of action which fails to be Pareto-optimal for the sequence of temporal selves of the individual (Laibson [1994] and O'Donoghue and Rabin [1999] provide prominent instances of such miscoordination). Studying the standard solution concept for this case -Strotz-Pollak equilibrium- in general decision problems with perfect information, I establish two results: first, for finite-horizon problems without indifference, essential consistency (Hammond [1976]) is sufficient for choice to be Pareto-optimal. Second, if the decision problem satisfies a certain history-independence property, whenever an equilibrium outcome fails to be Pareto-optimal, it is Pareto-dominated by another equilibrium outcome, leading to an existence result for a Pareto-optimal solution. (author's abstract)	en
dc.language	en	de
dc.subject.ddc	Psychologie	de
dc.subject.ddc	Psychology	en
dc.subject.ddc	Wirtschaft	de
dc.subject.ddc	Economics	en
dc.title	A note on the welfare of a sophisticated time-inconsistent decision-maker	de
dc.description.review	begutachtet	de
dc.description.review	reviewed	en
dc.source.volume	SP II 2015-201	de
dc.publisher.country	DEU
dc.publisher.city	Berlin	de
dc.source.series	Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, Abteilung Verhalten auf Märkten
dc.subject.classoz	Sozialpsychologie	de
dc.subject.classoz	Social Psychology	en
dc.subject.classoz	Allgemeines, spezielle Theorien und Schulen, Methoden, Entwicklung und Geschichte der Wirtschaftswissenschaften	de
dc.subject.classoz	Basic Research, General Concepts and History of Economics	en
dc.subject.thesoz	Zeit	de
dc.subject.thesoz	time	en
dc.subject.thesoz	Konsistenz	de
dc.subject.thesoz	consistency	en
dc.subject.thesoz	Gleichgewicht	de
dc.subject.thesoz	equilibrium	en
dc.subject.thesoz	Wohlbefinden	de
dc.subject.thesoz	well-being	en
dc.subject.thesoz	Verhalten	de
dc.subject.thesoz	behavior	en
dc.subject.thesoz	Entscheidung	de
dc.subject.thesoz	decision	en
dc.rights.licence	Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung	de
dc.rights.licence	Deposit Licence - No Redistribution, No Modifications	en
ssoar.contributor.institution	WZB	de
internal.status	formal und inhaltlich fertig erschlossen	de
internal.identifier.thesoz	10036677
internal.identifier.thesoz	10049604
internal.identifier.thesoz	10045803
internal.identifier.thesoz	10045580
internal.identifier.thesoz	10034530
internal.identifier.thesoz	10042174
dc.type.stock	monograph	de
dc.type.document	Arbeitspapier	de
dc.type.document	working paper	en
dc.source.pageinfo	21	de
internal.identifier.classoz	10706
internal.identifier.classoz	10901
internal.identifier.document	3
dc.contributor.corporateeditor	Wissenschaftszentrum Berlin für Sozialforschung gGmbH
internal.identifier.corporateeditor	381
internal.identifier.ddc	150
internal.identifier.ddc	330
dc.description.pubstatus	Veröffentlichungsversion	de
dc.description.pubstatus	Published Version	en
internal.identifier.licence	3
internal.identifier.pubstatus	1
internal.identifier.review	2
internal.identifier.series	961
dc.subject.classhort	10700	de
dc.subject.classhort	10900	de
dc.identifier.handle	https://hdl.handle.net/10419/107133
internal.check.abstractlanguageharmonizer	CERTAIN

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Sozialpsychologie
Social Psychology
Allgemeines, spezielle Theorien und "Schulen", Methoden, Entwicklung und Geschichte der Wirtschaftswissenschaften
Basic Research, General Concepts and History of Economics

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