Template-Type: ReDIF-Paper 1.0 
Title: On uniqueness of time-consistent Markov policies for quasi-hyperbolic consumers under uncertainty
Author-Name: Łukasz Balbus 
Author-Name: Kevin Reffett 
Author-Name: Łukasz Woźny 
Abstract: We give a set of sufficient conditions for uniqueness of a time-consistent Markov stationary consumption policy for a quasi-hyperbolic household under uncertainty.To the best of our knowledge, this uniqueness result is the first presented in the literaturefor general settings, i.e. under standard assumptions on preferences, as wellas some new condition on a transition probability. This paper advocates a ''generalizedBellman equation'' method to overcome some predicaments of the knownmethods and also extends our recent existence result. Our method also works forreturns unbounded from above. We provide few natural followers of optimal policy uniqueness: convergent and accurate computational algorithm, monotone comparativestatics results and generalized Euler equation.
Number: 2016-020
Length: 21 pages 
Creation-Date: 2016-11
Keywords: time consistency, markov equilibria, uniqueness, stochastic games, generalized Bellman equation
Classification-JEL: C62, C73, D91
File-URL: https://hdl.handle.net/20.500.12182/1156
File-Format: Application/pdf
DOI: 10.33119/kaewps2016020
Handle: RePEc:sgh:kaewps:2016020