Incomplete Record-Keeping and Optimal Payment Arrangements

Narayana Kocherlakota, Neil Wallace

Research output: Contribution to journalArticlepeer-review

77 Scopus citations

Abstract

We study a random-matching, absence-of-double-coincidence environment in which people cannot precommit and in which there are two imperfect ways to keep track of what other people have done in the past: money and a public record of all past actions that is updated with an average lag. We study how the magnitude of that lag affects the allocations that are optimal from among allocations that are stationary and feasible and that satisfy incentive constraints which arise from the absence of commitment and the imperfect ways of keeping track of what others have done in the past.Journal of Economic LiteratureClassification Numbers: E40; C73; D82.

Original languageEnglish (US)
Pages (from-to)272-289
Number of pages18
JournalJournal of Economic Theory
Volume81
Issue number2
DOIs
StatePublished - Aug 1 1998

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

Fingerprint Dive into the research topics of 'Incomplete Record-Keeping and Optimal Payment Arrangements'. Together they form a unique fingerprint.

Cite this