Infinite horizon dynamic optimization problems with non-exponential time preferences may not only exhibit time inconsistency but may also have multiple solutions with distinct payoffs. We here show ...

In this note we provide an elementary example with a concave utility function where the essentially unique consistent savings rule is discontinuous; such a savings rule could not arise with ...

Economists have often been criticized — by physicists, among others — for being overly formal with their mathematics. Journals are full of proofs and theorems, and for some economists the aim seems to ...