{"id":14373,"date":"2013-09-20T14:00:00","date_gmt":"2013-09-20T14:00:00","guid":{"rendered":"https:\/\/iseg.gomo.dev\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/"},"modified":"2013-09-20T14:00:00","modified_gmt":"2013-09-20T14:00:00","slug":"iseg-2s-a-general-theory-of-time-inconsistent-control","status":"publish","type":"event","link":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/","title":{"rendered":"ISEG 2S | A General Theory of time Inconsistent Control"},"content":{"rendered":"

  \n\"\"<\/p>\n\n \n \n \n
\n

\n Speaker\n
<\/strong> \n \n \n Tomas Bjork<\/strong><\/a>\n
\n Stockholm School of Economics<\/em><\/span>\n
\n \n \n
Presentation<\/span><\/strong>\n
\n \n \n A General Theory of time Inconsistent Control<\/a><\/span><\/span>\n
\n
\n
\n Abstract\n
<\/strong> We develop a theory for stochastic control problems which, in various ways, are time inconsistent in the sense that they do not admit a Bellman optimality principle. We attach these problems by viewing them within a game theoretic framework, and we look for Nash subgame perfect equilibrium points. For a general controlled Markov process and a fairly general objective functional we derive an extension of the standard Hamilton-Jacobi-Bellman equation, in the form of a system of non-linear\n
equations, for the determination for the equilibrium strategy as well as the equilibrium value function. All known examples of time inconsistency in the literature are easily seen to be special cases of the present theory.\n
We also prove that for every time inconsistent problem, there exists an associated time consistent problem such that the optimal control and the optimal value function for the consistent problem coincides with the equilibrium control and value function respectively for the time inconsistent problem. We also study some concrete examples.\n
\n
\n
\n Complete calendar<\/strong>\n
To see the full calendar please \n click here<\/a>.<\/p>\n <\/td>\n <\/tr>\n

\n

\n ORGANIZING TEAM<\/strong>\n
This seminar series is organized by \n Joana Pais<\/a> (ECO), \n Raquel M. Gaspar<\/a> (FIN\/MG) and \n Isabel Proen\u00e7a<\/a> (QM).<\/p>\n

\n
\n MEETING THE SPEAKER\n
<\/strong> All speakers are available to meet faculty at ISEG before the talk. Slots are limited. To book your time with the speaker, contact one of the coordination team members.\n
<\/p>\n

\n MAILING LIST\n
<\/strong> To join the ISEG 2S Seminar Mailing List and receive regular information contact \n Filomena Ferreira<\/a>.<\/p>\n

\n \n
PARKING\n
<\/strong> If you come to the seminars at ISEG by car, please contact \n Filomena Ferreira<\/a> to assure your entrance into the park.<\/p>\n <\/td>\n <\/tr>\n <\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"Speaker \n: \n\n\nTomas Bjork – \nStockholm School of Economics","protected":false},"featured_media":0,"template":"","topic":[],"event_type":[],"acf":[],"yoast_head":"\nISEG 2S | A General Theory of time Inconsistent Control - ISEG<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/\",\"name\":\"ISEG 2S | A General Theory of time Inconsistent Control - ISEG\",\"isPartOf\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/aquila.iseg.utl.pt\/aquila\/getFile.do?method=getFile&fileId=358077\",\"datePublished\":\"2013-09-20T14:00:00+00:00\",\"dateModified\":\"2013-09-20T14:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#primaryimage\",\"url\":\"https:\/\/aquila.iseg.utl.pt\/aquila\/getFile.do?method=getFile&fileId=358077\",\"contentUrl\":\"https:\/\/aquila.iseg.utl.pt\/aquila\/getFile.do?method=getFile&fileId=358077\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.iseg.ulisboa.pt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ISEG 2S | A General Theory of time Inconsistent Control\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#website\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/\",\"name\":\"ISEG\",\"description\":\"Lisbon School of Economics & Management\",\"publisher\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.iseg.ulisboa.pt\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#organization\",\"name\":\"ISEG\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg\",\"contentUrl\":\"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg\",\"width\":250,\"height\":120,\"caption\":\"ISEG\"},\"image\":{\"@id\":\"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/iseg.pt\",\"https:\/\/x.com\/iseglisbon\",\"https:\/\/www.instagram.com\/iseglisbon\/\",\"https:\/\/www.linkedin.com\/school\/iseglisbon\/\",\"https:\/\/www.youtube.com\/user\/DMREISEG\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"ISEG 2S | A General Theory of time Inconsistent Control - ISEG","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/","url":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/","name":"ISEG 2S | A General Theory of time Inconsistent Control - ISEG","isPartOf":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#primaryimage"},"image":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#primaryimage"},"thumbnailUrl":"https:\/\/aquila.iseg.utl.pt\/aquila\/getFile.do?method=getFile&fileId=358077","datePublished":"2013-09-20T14:00:00+00:00","dateModified":"2013-09-20T14:00:00+00:00","breadcrumb":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#primaryimage","url":"https:\/\/aquila.iseg.utl.pt\/aquila\/getFile.do?method=getFile&fileId=358077","contentUrl":"https:\/\/aquila.iseg.utl.pt\/aquila\/getFile.do?method=getFile&fileId=358077"},{"@type":"BreadcrumbList","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/event\/iseg-2s-a-general-theory-of-time-inconsistent-control\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.iseg.ulisboa.pt\/"},{"@type":"ListItem","position":2,"name":"ISEG 2S | A General Theory of time Inconsistent Control"}]},{"@type":"WebSite","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#website","url":"https:\/\/www.iseg.ulisboa.pt\/en\/","name":"ISEG","description":"Lisbon School of Economics & Management","publisher":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.iseg.ulisboa.pt\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#organization","name":"ISEG","url":"https:\/\/www.iseg.ulisboa.pt\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg","contentUrl":"https:\/\/www.iseg.ulisboa.pt\/wp-content\/uploads\/2021\/02\/iseg-logo-ul.svg","width":250,"height":120,"caption":"ISEG"},"image":{"@id":"https:\/\/www.iseg.ulisboa.pt\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/iseg.pt","https:\/\/x.com\/iseglisbon","https:\/\/www.instagram.com\/iseglisbon\/","https:\/\/www.linkedin.com\/school\/iseglisbon\/","https:\/\/www.youtube.com\/user\/DMREISEG"]}]}},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"trp-custom-language-flag":false},"uagb_author_info":{"display_name":"gomo","author_link":"https:\/\/www.iseg.ulisboa.pt\/en\/author\/"},"uagb_comment_info":0,"uagb_excerpt":"Speaker : Tomas Bjork - Stockholm School of Economics","_links":{"self":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event\/14373"}],"collection":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event"}],"about":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/types\/event"}],"version-history":[{"count":0,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event\/14373\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/media?parent=14373"}],"wp:term":[{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/topic?post=14373"},{"taxonomy":"event_type","embeddable":true,"href":"https:\/\/www.iseg.ulisboa.pt\/en\/wp-json\/wp\/v2\/event_type?post=14373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}