Keeping Unanimity Simple: Intertemporal Collective Choice and Dynamic Consistency *
Résumé
A critical feature of many collective choices is the presence of uncertainty at each time period that cannot be resolved currently. A great challenge to collective choices in this context arises from the heterogeneity of individual preferences, under which the unanimity principle often leads to dictatorship. This paper shows that there are very intuitive reasons that unanimity principle should apply only to simple alternative comparison. We demonstrate that a non-dictatorial dynamic consistent aggregation rule becomes possible when a simple unanimity principle is introduced.
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