Thursday, June 10, 2010 - 2:00pm - 3:30pm
Ivar Ekeland (University of British Columbia)
In economic theory one typically discounts future benefits at a
constant rate. An example of this is the celebrated model of endogeneous
growth, originating with Ramsey (1928), which leads to the so-called golden
rule in macroeconomics. There are now excellent reasons (intergenerational
equity, for instance) to use non-constant discount rates. There is then a
problem of time-inconsistency: a policy which is optimal today will no
longer be so when the time comes to implement it. So optimization is
Tuesday, June 10, 2014 - 2:00pm - 3:00pm
Robert McCann (University of Toronto)
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