RIEBセミナー RIEB Seminar

日時 2016年10月25日(火)午後3時30分から午後5時00分まで
会場 神戸大学経済経営研究所 調査室(兼松記念館1階)
対象 教員、院生、および同等の知識をお持ちの方
使用言語 英語
備考 論文のコピーは共同研究推進室にご用意いたします。


報告者 Jean-Pierre DRUGEON
所属 フランス国立科学研究センター/パリ・スクール・オブ・エコノミクス
論題 Time-Consistency, Pareto-Optimality & Hyperbolic Discounting
概要 This article considers a new concept of social optimum for an economy populated by agents with heterogeneous discount factors. It is based upon an approach that constrains decision rules to be temporally consistent: these are stationary and unequivocally ruled by the state variable. For agents who differ only in their discount factors and have equal weights in the planner's objective, the temporallyconsistent optimal solution produces identical consumption for the agents at all time periods. In the long run, the capital stock is determined by a modified golden rule that corresponds to an average-like summation of all discount factors. The general argument is illustrated by various two-agent examples that allow for an explicit determination of the temporally consistent decision rules. Interestingly, this temporally consistent solution can be simply recovered from the characterization of a social planner's problem with variable discounting and can also be decentralized as a competitive equilibrium through the use of various instruments.