Abstract

http://ssrn.com/abstract=1699444
 
 

References (59)



 
 

Citations (3)



 


 



Collective Dynamic Choice: The Necessity of Time Inconsistency


Matthew O. Jackson


Stanford University - Department of Economics; Santa Fe Institute; Canadian Institute for Advanced Research (CIFAR)

Leeat Yariv


California Institute of Technology - Division of the Humanities and Social Sciences

November 1, 2011


Abstract:     
We study collective decisions by time-discounting individuals choosing a common consumption stream. We show that with any heterogeneity in time preferences, every Pareto efficient and non-dictatorial method of aggregating utility functions must be time inconsistent. We also show that decisions made via non-dictatorial voting methods are intransitive.

Number of Pages in PDF File: 32

Keywords: Preference Aggregation, Collective Preferences, Time Consistency, Intransitive Preferences, Voting, Cyclic Preferences, Present Bias, Hyperbolic Discounting, Social Welfare Ordering

JEL Classification: D72, D71, D91, D03, D11, E24

working papers series


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Date posted: October 31, 2010 ; Last revised: October 13, 2012

Suggested Citation

Jackson, Matthew O. and Yariv, Leeat, Collective Dynamic Choice: The Necessity of Time Inconsistency (November 1, 2011). Available at SSRN: http://ssrn.com/abstract=1699444 or http://dx.doi.org/10.2139/ssrn.1699444

Contact Information

Matthew O. Jackson (Contact Author)
Stanford University - Department of Economics ( email )
Landau Economics Building
579 Serra Mall
Stanford, CA 94305-6072
United States
1-650-723-3544 (Phone)
HOME PAGE: http://www.stanford.edu/~jacksonm
Santa Fe Institute
1399 Hyde Park Road
Santa Fe, NM 87501
United States
Canadian Institute for Advanced Research (CIFAR) ( email )
180 Dundas Street West, Suite 1400
Toronto, Ontario
Canada
Leeat Yariv
California Institute of Technology - Division of the Humanities and Social Sciences ( email )
1200 East California Blvd.
Pasadena, CA 91125
United States
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