We give rigorous game-theoretic meaning to the Stackelberg notions of time inconsistency and to the idea of commitment being of value (or sequential irrationality). Time inconsistency treats desirable deviations only along the path, whereas sequential irrationality treats deviations everywhere...

This paper studies a collective decision problem in which a group of individuals with interdependent preferences vote whether or not to implement a public project of unknown value. A utilitarian social planner aggregates these votes according to a majority rule; but, unlike what is commonly...

This paper examines a dynamic stochastic economy with a benevolent government that cannot commit to its future policies. I consider equilibria that are time-consistent and allow for history-dependent strategies. A new numerical algorithm is developed to solve for the set of equilibrium payoffs....