Journal
AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
Volume 7, Issue 4, Pages 150-178Publisher
AMER ECONOMIC ASSOC
DOI: 10.1257/mic.20140161
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Funding
- National Science Foundation [SES 0551014, SES 0961481]
- Gordon and Betty Moore Foundation [1158]
- Direct For Social, Behav & Economic Scie
- Divn Of Social and Economic Sciences [0963583] Funding Source: National Science Foundation
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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.
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