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 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)
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