Prudent Aggregation of Quasi-Hyperbolic Experts

Consider a group of economists evaluating a long-term project by using quasi- hyperbolic rules. The parameters (discount rates and present bias) used by each economist may differ, which implies different policy recommendations. Then a policy maker has to choose a socially efficient aggregation from these recommendations. Our paper axiomatizes the aggregation process when the social planner adopts some “prudent” behavior. When there is no present bias, we recover Chambers and Echenique (2018)’s aggregation result of maxmin exponential preferences. To prove our main result, we provide some intertemporal variational representation results of interest for their own sake