Memorandum,
Oslo University, Department of Economics

Abstract: This paper reconsiders the Strotz-Pollak problem of consistent planning and argues that a solution to this problem requires a refinement of subgame-perfectness. Such refinement is offred through an analysis based on Greenberg's "theory of social situations". A unifying framework is presented whereby consistent one-person planning as a problem of individual time-consistency and renegotiation-proofness as a problem of colective time-consistency are captured through the same general concept.

Keywords: GAME THEORY; OPTIMISTIC STABILITY

JEL-codes: C73; C70; C79

26 pages, 1996

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