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Dynamic Rawlsian Policy.

Abstract:

A well-known time-inconsistency problem hinders optimal decision-making when policymakers are constrained in their pesent choices by expectations of future outcomes. The time-inconsistency problem is caused by differences in the preferences of policymakers who exist at different points in time. Adapting the arguments of Rawls (1971), we propose that these differences can be eliminated if policy is set from behind a ‘veil of ignorance’, without knowledge of when the policy will be implemente...

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Authors


Charles Brendon More by this author
Martin Ellison More by this author
Volume:
595
Series:
Discussion paper series
Publication date:
2012-03-05
URN:
uuid:e54dd9e5-32fc-4925-89f3-3d32eeba806b
Local pid:
oai:economics.ouls.ox.ac.uk:15384
Language:
English

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