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• W4233397382 abstract "We consider collective decisions made by agents whose preferences and power depend on past events and decisions. Faced with an inefficient equilibrium and an opportunity to commit to a policy, can the agents reach an agreement on such a policy? We provide a consistency condition linking power structures in the dynamic setting and at the commitment stage. When the condition holds, commitment has no value: any agreement that may be reached at the outset coincides with the equilibrium without commitment. When the condition fails, as in the case of time-inconsistent preferences, commitment can improve outcomes. We discuss several applications." @default.
• W4233397382 created "2022-05-12" @default.
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• W4233397382 date "2018-02-01" @default.
• W4233397382 modified "2023-09-24" @default.
• W4233397382 title "Collective Commitment" @default.
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• W4233397382 doi "https://doi.org/10.1086/694294" @default.
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