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Patience and time consistency in collective decisions

Laurent Denant-Boèmont (), Enrico Diecidue () and Olivier l’Haridon ()
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Enrico Diecidue: INSEAD
Olivier l’Haridon: University Rennes 1 - CREM

Authors registered in the RePEc Author Service: Olivier L'Haridon

Experimental Economics, 2017, vol. 20, issue 1, 181-208

Abstract: 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: Time preferences; Dynamic consistency; Present-bias; Group decisions (search for similar items in EconPapers)
JEL-codes: C92 D90 D03 (search for similar items in EconPapers)
Date: 2017
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Working Paper: Patience and time consistency in collective decisions (2017) Downloads
Working Paper: Patience and Time Consistency in Collective Decisions (2013) Downloads
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Handle: RePEc:kap:expeco:v:20:y:2017:i:1:d:10.1007_s10683-016-9481-4