We consider a representative-agent equilibrium model where the consumer has quasi-geometric discounting and cannot commit to future actions. We restrict attention to a parametric class for preferences and technology and solve for time-consistent competitive equilibria globally and explicitly. We...

Demographic aging results in a growing number of older people in need of care in many regions all over the world. Germany has witnessed steady population aging for decades, prompting policymakers and other stakeholders to discuss how to fulfill the rapidly growing demand for care workers and...

An agent faces a decision under uncertainty with the following structure. There is a set A of “acts”; each will yield an unknown real-valued payoff. Linear combinations of acts are feasible; thus, A is a vector space. But there is no pre-specified set of states of nature. Instead, there is a...

This paper tests an intertemporal consumption-leisure model with non-expected utility. There is evidence to reject the commonly used expected-utility specification and to accept the non-expected utility one as the model's restrictions are not rejected by the data