Intertemporal conflicts occur when a group of agents with heterogeneous time preferences must make a collective decision about how to manage a common asset. How should this be done? We examine two methods: an 'Economics' approach that seeks to implement efficient allocations, and a 'Politics'...

Intertemporal conflicts occur when a group of agents with heterogeneous time preferences must make a collective decision about how to manage a common asset. How should this be done? We examine two methods: an 'Economics' approach that seeks to implement efficient allocations, and a 'Politics'...

Uniformity, the use of a common accounting measurement, is an essential feature of financial reporting, yet its desirability has long been debated. We study a model in which firms decide whether to adopt either their local accounting methods or a common method, followed by an investor allocating...