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2001•EconometricaRequires access

Sequential Equilibria in a Ramsey Tax Model

Christopher Phelan, Ennio Stacchetti

Open publisher page 216 citations

Abstract

This paper presents a full characterization of the equilibrium value set of a Ramsey tax model. More generally, it develops a dynamic programming method for a class of policy games between the government and a continuum of households. By selectively incorporating Euler conditions into a strategic dynamic programming framework, we wed two technologies that are usually considered competing alternatives, resulting in a substantial simplification of the problem.

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What this paper is about

This paper presents a full characterization of the equilibrium value set of a Ramsey tax model. More generally, it develops a dynamic programming method for a class of policy games between the government and a continuum of households. By selectively incorporating Euler conditions into a strategic dynamic programming framework, we wed two technologies that are usually considered competing alternatives, resulting in a substantial simplification of the problem.

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OpenAlex reports 216 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

This paper presents a full characterization of the equilibrium value set of a Ramsey tax model. More generally, it develops a dynamic programming method for a class of policy games between the government and a continuum of households. By selectively incorporating Euler conditions into a strategic dynamic programming framework, we wed two technologies that are usually considered competing alternatives, resulting in a substantial simplification of the problem.

Key concepts: Economics, Mathematical economics, Dynamic programming, Class (philosophy), Set (abstract data type), Microeconomics, Mathematical optimization, Computer science

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