Preferences for Consistency

This paper studies how a preference for consistency can affect economic decision-making.We propose a two-period model where people have a preference for consistency becauseconsistent behavior allows them to signal personal and intellectual strength. We then presentthree experiments that study main predictions and implications of the model. The first is asimple principal-agent experiment that shows that consistency is valued by others and thatthis value is anticipated. The second experiment underlines the crucial role of earlycommitment for consistency preferences. Finally we show how preferences for consistencycan be used to manipulate choices....