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October 1, 1991The Review of Economic Studies

Computing Multi-Period, Information-Constrained Optima

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Authors

CPChristopher PhelanRTRobert M. Townsend

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Overview

Theoretical derivation of optimal solutions explores consumption and labor effort variability in economies.

Key Points

  • The aim is to derive methods for computing optimally constrained solutions in a multi-period economy with unobserved efforts.
  • Theoretical derivation of solutions addressing multi-period and continuum-agent economies.
  • Illustration of cross-sectional and temporal variability in consumption and labor effort.
  • Analysis of optimal trade-offs between insurance mechanisms and incentives.
  • Demonstrated variability in consumption and labor effort across individuals and over time.
  • Explored excess variability via comparison with a full-information economy.
  • Addressed issues of contracting regimes impacting optimal outcomes.

Cite This Study

Phelan et al. (1991) studied this question.

synapsesocial.com/papers/6a001bd82ff633f36577d0aehttps://doi.org/10.2307/2297941
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