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Time-Consistent Policies

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http://www.sciencedirect.com/science?_ob=MImg&_imagekey=B6WJ3-48R1TRW-4-5N&_cdi=6867&_orig=browse&_coverDate=10%2F31%2F2003&_sk=998879997&view=c&wchp=dGLbVtb-zSkWb&_acct=C000059607&_version=1&_userid=4420&md5=5ce9385f102b79a2f315997c5fb6bc1d&ie=f.pdf
Abstract

In many cases the optimal open-loop policy to influence agents who solve dynamic problems is time-inconsistent. We show how to construct a time-consistent open-loop policy rule. We also consider an additional restriction under which the time-consistent openloop policy is stationary. We use examples to illustrate the properties of these tax rules. Keywords: Time inconsistency, open-loop policies, stationarity

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