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.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 150-178 |
| Number of pages | 29 |
| Journal | American Economic Journal: Microeconomics |
| Volume | 7 |
| Issue number | 4 |
| DOIs | |
| State | Published - 2015 |
| Externally published | Yes |
All Science Journal Classification (ASJC) codes
- General Economics, Econometrics and Finance