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- W2956172369 abstract "Recent work on collective intertemporal choice suggests that non-dictatorial social preferences are generically time inconsistent. We argue that this claim conflates time consistency with two distinct properties of preferences: stationarity and time invariance. While time invariance and stationarity together imply time consistency, the converse does not hold. Although non-dictatorial social preferences cannot be stationary, they may be time consistent if time invariance is abandoned. If individuals are discounted utilitarians, revealed preference provides no guidance on whether social preferences should be time consistent or time invariant. Nevertheless, we argue that time invariant social preferences are often normatively and descriptively problematic." @default.
- W2956172369 created "2019-07-23" @default.
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- W2956172369 date "2018-07-01" @default.
- W2956172369 modified "2023-09-27" @default.
- W2956172369 title "Time consistency and time invariance in collective intertemporal choice" @default.
- W2956172369 hasPublicationYear "2018" @default.
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