Consistent planning under quasi-geometric discounting

We study properties of stationary Markov-perfect equilibria in a general model of intertemporal choice under quasi-geometric discounting. The dynamics generated by stationary Markov-perfect equilibria can be very complicated, even if the model satisfies strict convexity and smoothness properties and the decision maker is arbitrarily patient. If there exist multiple stationary Markov-perfect equilibria, then it is in general possible to construct infinitely many non-degenerate stationary sunspot equilibria as well.