Collective Dynamic Choice: The Necessity of Time Inconsistency
研究了时间贴现个体在集体选择共同消费流时，只要时间偏好存在异质性，任何帕累托有效且非独裁的效用加总方法必然导致时间不一致，且非独裁投票决策具有非传递性。
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.