Time consistency, temporal resolution indifference, and the separation of time and risk
研究在消费-投资组合选择问题中，时间一致性、时间与风险偏好分离以及对风险解决时间无差异这三个性质同时成立的条件，发现偏离这些条件会导致时间一致性出现微小偏差。
For general choice spaces, standard dynamic preference models cannot simultaneously satisfy the properties of time consistency, the separation of time and risk preferences, and the ability to accommodate an indifference to the timing of when risk is resolved. In the context of a consumption‐portfolio choice problem often underlying asset pricing and macro models, we derive necessary and sufficient conditions such that all three properties are satisfied. We also show that quantitatively reasonable deviations from our sufficient conditions can result in surprisingly small deviations from time consistency holding.