When does limited commitment matter in a production economy?
We investigate the conditions under which the first-best allocation without commitment is sustainable in a production economy. While it is widely known in the literature that allowing capital accumulation creates a distortion, we find that it can help to sustain the first-best allocation. We also find t...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2018
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/2058 https://ink.library.smu.edu.sg/context/soe_research/article/3057/viewcontent/sustainability20180528.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
