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We examine the investment decision problem of a group whose members have heterogeneous time preferences. In particular … exponential discounting for their collective investment decisions even if all agents discount exponentially.We also exhibit … conditions that lead the representative agent to have a rate of impatience that decreases with GDP per capita. …
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A novel version of a Voluntary Contribution Mechanism game tests how player cooperation responds to changes in incentives, i.e., payoffs that depend on performance relative to different reference groups. Cooperation is greatest when players are competing against players in other four-person...
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Many politically and economically important groups are themselves comprised of groups. Examples of such multilevel group structures include coalition governments, labor confederations and multinational agreements. This paper develops a model of multilevel group structures. The results establish...
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