Rules Rather than Discretion: The Inconsistency of Optimal Plans
Finn E. Kydland; Edward C. Prescott
The Journal of Political Economy, Vol. 85, No. 3. (Jun., 1977), pp. 473-492.
Stable URL:
http://links.jstor.org/sici?sici=0022-3808%28197706%2985%3A3%3C473%3ARRTDTI%3E2.0.CO%3B2-A
The Journal of Political Economy is currently published by The University of Chicago Press.
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at
http://www.jstor.org/about/terms.html
. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained
prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in
the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at
http://www.jstor.org/journals/ucpress.html
.
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed
page of such transmission.
The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic
journals and scholarly literature from around the world. The Archive is supported by libraries, scholarly societies, publishers,
and foundations. It is an initiative of JSTOR, a not-for-profit organization with a mission to help the scholarly community take
advantage of advances in technology. For more information regarding JSTOR, please contact support@jstor.org.
http://www.jstor.org
Mon Feb 4 05:51:35 2008
You have printed the following article:
Rules Rather than Discretion: The Inconsistency of Optimal Plans
Finn E. Kydland; Edward C. Prescott
The Journal of Political Economy, Vol. 85, No. 3. (Jun., 1977), pp. 473-492.
Stable URL:
http://links.jstor.org/sici?sici=0022-3808%28197706%2985%3A3%3C473%3ARRTDTI%3E2.0.CO%3B2-A
This article references the following linked citations. If you are trying to access articles from an
off-campus location, you may be required to first logon via your library web site to access JSTOR. Please
visit your library's website or contact a librarian to learn about options for remote access to JSTOR.
[Footnotes]
3
On the Existence of a Consistent Course of Action when Tastes are Changing
Bezalel Peleg; Menahem E. Yaari
The Review of Economic Studies, Vol. 40, No. 3. (Jul., 1973), pp. 391-401.
Stable URL:
http://links.jstor.org/sici?sici=0034-6527%28197307%2940%3A3%3C391%3AOTEOAC%3E2.0.CO%3B2-V
4
On Second-Best National Saving and Game-Equilibrium Growth
E. S. Phelps; R. A. Pollak
The Review of Economic Studies, Vol. 35, No. 2. (Apr., 1968), pp. 185-199.
Stable URL:
http://links.jstor.org/sici?sici=0034-6527%28196804%2935%3A2%3C185%3AOSNSAG%3E2.0.CO%3B2-X
7
Investment Under Uncertainty
Robert E. Lucas, Jr; Edward C. Prescott
Econometrica, Vol. 39, No. 5. (Sep., 1971), pp. 659-681.
Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28197109%2939%3A5%3C659%3AIUU%3E2.0.CO%3B2-0
12
Contraction Mappings in the Theory Underlying Dynamic Programming
Eric V. Denardo
SIAM Review, Vol. 9, No. 2. (Apr., 1967), pp. 165-177.
Stable URL:
http://links.jstor.org/sici?sici=0036-1445%28196704%299%3A2%3C165%3ACMITTU%3E2.0.CO%3B2-D
http://www.jstor.org
LINKED CITATIONS
- Page 1 of 3 -
NOTE: The reference numbering from the original has been maintained in this citation list.
References
Contraction Mappings in the Theory Underlying Dynamic Programming
Eric V. Denardo
SIAM Review, Vol. 9, No. 2. (Apr., 1967), pp. 165-177.
Stable URL:
http://links.jstor.org/sici?sici=0036-1445%28196704%299%3A2%3C165%3ACMITTU%3E2.0.CO%3B2-D
Adjustment Costs in the Theory of Investment of the Firm
J. P. Gould
The Review of Economic Studies, Vol. 35, No. 1. (Jan., 1968), pp. 47-55.
Stable URL:
http://links.jstor.org/sici?sici=0034-6527%28196801%2935%3A1%3C47%3AACITTO%3E2.0.CO%3B2-9
Investment Under Uncertainty
Robert E. Lucas, Jr; Edward C. Prescott
Econometrica, Vol. 39, No. 5. (Sep., 1971), pp. 659-681.
Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28197109%2939%3A5%3C659%3AIUU%3E2.0.CO%3B2-0
Rational Expectations and the Theory of Price Movements
John F. Muth
Econometrica, Vol. 29, No. 3. (Jul., 1961), pp. 315-335.
Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28196107%2929%3A3%3C315%3AREATTO%3E2.0.CO%3B2-G
On the Existence of a Consistent Course of Action when Tastes are Changing
Bezalel Peleg; Menahem E. Yaari
The Review of Economic Studies, Vol. 40, No. 3. (Jul., 1973), pp. 391-401.
Stable URL:
http://links.jstor.org/sici?sici=0034-6527%28197307%2940%3A3%3C391%3AOTEOAC%3E2.0.CO%3B2-V
http://www.jstor.org
LINKED CITATIONS
- Page 2 of 3 -
NOTE: The reference numbering from the original has been maintained in this citation list.
On Second-Best National Saving and Game-Equilibrium Growth
E. S. Phelps; R. A. Pollak
The Review of Economic Studies, Vol. 35, No. 2. (Apr., 1968), pp. 185-199.
Stable URL:
http://links.jstor.org/sici?sici=0034-6527%28196804%2935%3A2%3C185%3AOSNSAG%3E2.0.CO%3B2-X
Consistent Planning
R. A. Pollak
The Review of Economic Studies, Vol. 35, No. 2. (Apr., 1968), pp. 201-208.
Stable URL:
http://links.jstor.org/sici?sici=0034-6527%28196804%2935%3A2%3C201%3ACP%3E2.0.CO%3B2-O
Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment
Thomas J. Sargent; David Fand; Stephen Goldfeld
Brookings Papers on Economic Activity, Vol. 1973, No. 2. (1973), pp. 429-480.
Stable URL:
http://links.jstor.org/sici?sici=0007-2303%281973%291973%3A2%3C429%3ARETRRO%3E2.0.CO%3B2-O
On Rational Entrepreneurial Behaviour and the Demand for Investment
A. B. Treadway
The Review of Economic Studies, Vol. 36, No. 2. (Apr., 1969), pp. 227-239.
Stable URL:
http://links.jstor.org/sici?sici=0034-6527%28196904%2936%3A2%3C227%3AOREBAT%3E2.0.CO%3B2-V
http://www.jstor.org
LINKED CITATIONS
- Page 3 of 3 -
NOTE: The reference numbering from the original has been maintained in this citation list.