This paper incorporates the phenomenon of time inconsistency into the problem of designing an optimal transfer schedule. It is shown that if program beneciaries are time inconsistent and receive all of the resources in just one payment, then the equilibrium allocation is always inecient. In the...

In this paper, we study a class of time-inconsistent analogs (in the sense of Hu et al. (Time-inconsistent stochastic linear–quadratic control. Preprint, <CitationRef CitationID="CR13">2012</CitationRef>) which is originated from the mean-variance portfolio selection problem with state-dependent risk aversion in the context of financial...</citationref>

Traditional means of studying environmental economics and management problems consist of optimal control and dynamic game models that are solved for optimal or equilibrium strategies. Notwithstanding the possibility of multiple equilibria, the models’ users—managers or planners—will...

Previous studies have found student procrastination to compromise learning outcomes using initial test scores to control for the influence of unobserved ability. The validity of such analysis rests on the assumption that students do not react to initial test scores. Utilizing daily information...