two assumptions on the extent of government's intra-period commitment, which in turn define two notions of time … consistency of the Markov policy. Our results show that the extent of government's intra-period commitment has important …, different degrees of government's intra-period commitment. …

This paper studies the optimal trade-off between commitment and flexibility in an intertemporal consumption … value for flexibility - but also expect to suffer from temptations - generating a value for commitment. The model combines … the representations of preferences for flexibility introduced by Kreps (1979) with its recent antithesis for commitment …

is driven by exogenous technology shocks. We first consider the commitment case, and characterize the Ramsey equilibrium … correlated with production. Then, we relax the commitment assumption, and we show how to determine numerically whether the Ramsey …

collective model with limited commitment. In the proposed framework, married couples choose efficiently the optimal amount of …