Patience and time consistency in collective decisions

Laurent Denant-Boèmont, Enrico Diecidue () and Olivier L’haridon ()
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Enrico Diecidue: INSEAD - Institut Européen d'administration des Affaires
Olivier L’haridon: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Authors registered in the RePEc Author Service: Olivier L'Haridon

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Abstract: We present experimental evidence regarding individual and group decisions over time. Static and longitudinal methods are combined to test four conditions on time preferences: impatience, stationarity, age independence, and dynamic consistency. Decision making in groups should favor coordination via communication about voting intentions. We find that individuals are neither patient nor consistent, that groups are both patient and highly consistent, and that information exchange between participants helps groups converge to stable decisions. Finally we provide additional evidence showing that our results are driven by the specific role of groups and not by either repeated choices or individual preferences when choosing for other subjects.

Keywords: present-bias; Dynamic Consistency; Group Decisions; Time Preferences (search for similar items in EconPapers)
Date: 2017-04
New Economics Papers: this item is included in nep-cbe, nep-cdm, nep-exp and nep-neu
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01306949
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Citations: View citations in EconPapers (18)

Published in Experimental Economics, 2017, 20 (1), pp.181-208. ⟨10.1007/s10683-016-9481-4⟩

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Journal Article: Patience and time consistency in collective decisions (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01306949

DOI: 10.1007/s10683-016-9481-4

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