Group and individual Time Preferences in Laboratory Experiments

In this paper I analyze how different between groups and individual time preferences. I compare two hypothesis | Altruistic decision making and Selfish majority decision making | by laboratory experiments. In Altruistic decision making hypothesis I assume Altruistic people who discount themselves more than other group members, thus discount more themselves more than group decision making. In Selfish majority decision making hypothesis I assume selfish people and group time preferences are decided by majority rule. In experiments group are three persons. There are three condition. (1)Individual decision making for themselves. (2)Individual decision making for other group members. (3)Group decision making. In Group decision making Subjects anonymously talk with each other by PC. I found three results. First, people discount more in individual decision making for themselves than in group decision making. Second, Selfish majority decision making hypothesis is supported. Third, Reason why Individual time preferences and group time preferences differ is due to distortion of individual discount factor.