Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Collective Dynamic Choice: The Necessity of Time Inconsistency †

Collective Dynamic Choice: The Necessity of Time Inconsistency † Abstract We study collective decisions by time-discounting individuals choosing a common consumption stream. We show that with any heterogeneity in time preferences, every Pareto efficient and non-dictatorial method of aggregating utility functions must be time-inconsistent. We also show that decisions made via non-dictatorial voting methods are intransitive.(JEL D71, D72, D91 ) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Economic Journal: Microeconomics American Economic Association

Collective Dynamic Choice: The Necessity of Time Inconsistency †

Download PDF
29 pages

Loading next page...
 
/lp/american-economic-association/collective-dynamic-choice-the-necessity-of-time-inconsistency-HAkifupByR

References

References for this paper are not available at this time. We will be adding them shortly, thank you for your patience.

Publisher
American Economic Association
Copyright
Copyright © 2015 by the American Economic Association
Subject
Articles
ISSN
1945-7685
eISSN
1945-7685
DOI
10.1257/mic.20140161
Publisher site
See Article on Publisher Site

Abstract

Abstract We study collective decisions by time-discounting individuals choosing a common consumption stream. We show that with any heterogeneity in time preferences, every Pareto efficient and non-dictatorial method of aggregating utility functions must be time-inconsistent. We also show that decisions made via non-dictatorial voting methods are intransitive.(JEL D71, D72, D91 )

Journal

American Economic Journal: Microeconomics – American Economic Association

Published: Nov 1, 2015

There are no references for this article.