The problem that arises when a decision maker, especially a policy maker, prefers one policy in advance but a different one when the time to implement arrives. Knowing this, others will not find the commitment to the first policy credible.
Related information about time inconsistency:
- Dynamic inconsistency - Wikipedia, the free encyclopedia
In economics, dynamic inconsistency, or time inconsistency, describes the situation: A decision-maker's preferences change over time, in such a way that a ...
- Greg Mankiw's Blog: Time Inconsistency
Apr 19, 2006 ... My previous post mentioned the time inconsistency literature that began with Kydland and Prescott's Nobel-prize winning work. We haven't ...
- Time Inconsistency - Temple University
Time inconsistency is a situation that is fairly easy to describe, but fairly difficult to fully appreciate. The economics profession did not really have any idea what ...
- Time Inconsistency in the Credit Card Market - University of ...
Two puzzling phenomena that suggest time inconsistency in consumer ... This paper examines time inconsistency using a large-scale randomized experiment in ...
- What is time inconsistency? definition and meaning
Definition of time inconsistency: The problem that arises when a decision maker, especially a policy maker, prefers one policy in advance but a different one ...
- Collective Dynamic Choice: The Necessity of Time Inconsistency
agents, voting rules, time inconsistency, transitivity. ∗Department of .... present- bias; a result that shows that a specific form of time inconsistency is exhibited ...
- Time-inconsistent Preferences - Department of Social and Decision ...
Time-inconsistency raises important questions about consumer sovereignty ... time preference and the causes of time-inconsistency. 493. We propose a model ...
- TIME-INCONSISTENCY AND WELFARE PROGRAM PARTICIPATION
be, however, that time-inconsistency is particularly consequential for this ... More generally, our attempt to quantify consequences of time-inconsistency ...