Preferences for Consistency

39 Pages Posted: 17 Jul 2011

See all articles by Armin Falk

Armin Falk

University of Bonn - Economic Science Area; briq - Institute on Behavior & Inequality

Florian Zimmermann

University of Bonn

Multiple version iconThere are 2 versions of this paper

Abstract

This paper studies how a preference for consistency can affect economic decision-making. We propose a two-period model where people have a preference for consistency because consistent behavior allows them to signal personal and intellectual strength. We then present three experiments that study main predictions and implications of the model. The first is a simple principal-agent experiment that shows that consistency is valued by others and that this value is anticipated. The second experiment underlines the crucial role of early commitment for consistency preferences. Finally we show how preferences for consistency can be used to manipulate choices.

Keywords: consistency preferences, experiments, early commitment, charitable giving, social influence

JEL Classification: C91, D03, D64

Suggested Citation

Falk, Armin and Zimmermann, Florian, Preferences for Consistency. IZA Discussion Paper No. 5840, Available at SSRN: https://ssrn.com/abstract=1887526

Armin Falk (Contact Author)

University of Bonn - Economic Science Area ( email )

briq - Institute on Behavior & Inequality

Schaumburg-Lippe-Stra├če 5-9
Bonn, 53113
Germany

HOME PAGE: http://www.briq-institute.org/

Florian Zimmermann

University of Bonn ( email )

Regina-Pacis-Weg 3
Postfach 2220
Bonn, D-53012
Germany

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