"In a recent article, J. A. Kay has proposed a useful measure of the deadweight loss arising from a commodity tax system. The measure answers the question, How much more would the taxed consumer be willing to pay in a lump sum rather than as a commodity tax? Kay's computation of the marginal...

"Time consistent optimal plans are defined within the context of a simple, discrete time optimal control framework. Three possible sources of inconsistency are identified and discussed with reference to the literature"--Federal Reserve Bank of Minneapolis web site