Collective Commitment

S-Tier
Journal: Journal of Political Economy
Year: 2018
Volume: 126
Issue: 1
Pages: 347 - 380

Score contribution per author:

2.681 = (α=2.01 / 3 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We consider collective decisions made by agents whose preferences and power depend on past events and decisions. Faced with an inefficient equilibrium and an opportunity to commit to a policy, can the agents reach an agreement on such a policy? We provide a consistency condition linking power structures in the dynamic setting and at the commitment stage. When the condition holds, commitment has no value: any agreement that may be reached at the outset coincides with the equilibrium without commitment. When the condition fails, as in the case of time-inconsistent preferences, commitment can improve outcomes. We discuss several applications.

Technical Details

RePEc Handle
repec:ucp:jpolec:doi:10.1086/694294
Journal Field
General
Author Count
3
Added to Database
2026-01-29