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Patience and time consistency in collective decisions

Listed author(s):
  • Laurent Denant-Boemont

    ()

    (CREM - Centre de Recherche en Economie et Management - UNICAEN - Université Caen Normandie - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique)

  • Enrico Diecidue

    ()

    (INSEAD - INSEAD)

  • Olivier L'Haridon

    ()

    (CREM - Centre de Recherche en Economie et Management - UNICAEN - Université Caen Normandie - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique)

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.

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File URL: https://halshs.archives-ouvertes.fr/halshs-01306949/document
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Paper provided by HAL in its series Post-Print with number halshs-01306949.

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Date of creation: 2016
Publication status: Published in Experimental Economics, Springer Verlag (Germany), 2016, <10.1007/s10683-016-9481-4>
Handle: RePEc:hal:journl:halshs-01306949
DOI: 10.1007/s10683-016-9481-4
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01306949
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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