Time consistency and time invariance in collective intertemporal choice - Grantham Research Institute on climate change and the environment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/time-consistency-and-time-invariance-in-collective-intertemporal-choice\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Time consistency and time invariance in collective intertemporal choice - Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"og:description\" content=\"Recent work on collective intertemporal choice suggests that non-dictatorial social preferences are generically time inconsistent. 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{"id":39085,"date":"2018-04-17T16:03:19","date_gmt":"2018-04-17T15:03:19","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=publication&p=39085"},"modified":"2024-09-18T17:19:37","modified_gmt":"2024-09-18T16:19:37","slug":"time-consistency-and-time-invariance-in-collective-intertemporal-choice","status":"publish","type":"publication","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/time-consistency-and-time-invariance-in-collective-intertemporal-choice\/","title":{"rendered":"Time consistency and time invariance in collective intertemporal choice"},"content":{"rendered":"\n

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.<\/p>\n

Millner, Antony<\/span> and Heal, Geoffrey<\/span> (2018) In:<\/em> Journal of Economic Theory, 176. pp. 158-169. ISSN 1095-7235<\/strong><\/p>\n\n","protected":false},"excerpt":{"rendered":"\n

Recent work on collective intertemporal choice suggests that non-dictatorial social preferences are generically time inconsistent. 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