Collective Intertemporal Decisions and Heterogeneity in Groups
Philipp Lergetporer and
Matthias Sutter ()
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Daniela Glätzle-Rützler: Department of Public Finance, University of Innsbruck
No 54, ECONtribute Discussion Papers Series from University of Bonn and University of Cologne, Germany
Many important intertemporal decisions are made by groups rather than individuals. What happens to collective decisions when there is internal conflict about the tradeoff between present and future has not been thoroughly investigated so far. We study experimentally the causal effect of group members’ heterogeneous payoffs from waiting on intertemporal choices. We find that three-person groups behave more patiently than individuals. This effect stems from the presence of at least one group member with a high payoff from waiting. We analyze additional treatments, group chat content, and survey data to uncover the mechanism through which heterogeneity in groups increases patience.
Keywords: patience; time preferences; group decisions; payoff heterogeneity; experiment (search for similar items in EconPapers)
JEL-codes: C91 C92 D03 D90 (search for similar items in EconPapers)
Pages: 44 pages
New Economics Papers: this item is included in nep-cbe, nep-cdm and nep-exp
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https://www.econtribute.de/RePEc/ajk/ajkdps/ECONtribute_054_2021.pdf First version, 2021 (application/pdf)
Working Paper: Collective Intertemporal Decisions and Heterogeneity in Groups (2021)
Working Paper: Collective Intertemporal Decisions and Heterogeneity in Groups (2019)
Working Paper: Collective intertemporal decisions and heterogeneity in groups (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:ajk:ajkdps:054
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