Patience and Time Consistency in Collective Decisions

Laurent Denant-Boèmont, Enrico Diecidue and Olivier L'Haridon
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Enrico Diecidue: INSEAD, Fontainebleau, France

Economics Working Paper Archive (University of Rennes & University of Caen) from Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS

Abstract: We present new evidence from the lab on the outcomes resulting from collective and individual decisions over time. We combined static and longitudinal methods to test four conditions on individual and collective time preferences: impatience, stationarity, age independence, and dynamic consistency. The collective decision process was designed to favor coordination through initial communication over voting intentions. Our main results are the following. First, individuals were impatient and deviated from consistent behavior. On the other hand, groups made patient and highly consistent decisions. Our voting mechanism helped the groups to converge and make stable and dynamically consistent decisions.

Date: 2013-09
New Economics Papers: this item is included in nep-cdm and nep-exp
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Patience and time consistency in collective decisions (2017)
Working Paper: Patience and time consistency in collective decisions (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:tut:cremwp:201329

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