For an infinite‐horizon continuous‐time optimal stopping problem under nonexponential discounting, we look for an optimal equilibrium, which generates larger values than any other equilibrium does on the entire state space. When the discount function is log sub‐additive and the state process is one‐dimensional, an optimal equilibrium is constructed in a specific form, under appropriate regularity and integrability conditions. Although there may exist other optimal equilibria, we show that they can differ from the constructed one in very limited ways. This leads to a sufficient condition for the uniqueness of optimal equilibria, up to some closedness condition. To illustrate our theoretic results, comprehensive analysis is carried out for three specific stopping problems, concerning asset liquidation and real options valuation. For each one of them, an optimal equilibrium is characterized through an explicit formula.

中文翻译：

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连续时间内时间不一致的停车问题的最佳平衡

对于非指数折现下的无限水平连续时间最优停止问题，我们寻找最优均衡，该均衡生成的值大于整个其他均衡所产生的值状态空间。当贴现函数是对数次加和状态过程是一维时，在适当的规则性和可积性条件下，最优均衡以特定形式构建。尽管可能存在其他最佳均衡，但我们证明它们可以在非常有限的方式上不同于构造的均衡。这就为最优均衡的唯一性提供了充分的条件，直到某些封闭条件。为了说明我们的理论结果，针对资产清算和实物期权估值这三个特定的止损问题进行了综合分析。对于它们中的每一个，通过一个明确的公式来描述最佳平衡。