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Evolution of Time Preference by Natural Selection: Comment

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Author Info
Arthur J. Robson
Balazs Szentes

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Abstract

We reexamine Alan R. Rogers' (1994) analysis of the biological basis of the rate of time preference. Although his basic insight concerning the derivation of the utility function holds up, the functional form he uses does not generate equilibrium evolutionary behavior. Moreover, Rogers relies upon an interior solution for a particular kind of intergenerational transfer. We show such interior solutions need not generally arise. Hence Rogers most striking prediction, namely that the real interest rate should be about 2 percent per annum, does not follow.

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File URL: http://hdl.handle.net/10.1257/aer.98.3.1178
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File URL: http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=98&issue=3&article=27&issue_date=June2008
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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 98 (2008)
Issue (Month): 3 (June)
Pages: 1178-88
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Handle: RePEc:aea:aecrev:v:98:y:2008:i:3:p:1178-88

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  1. C.Y. Cyrus Chu & Hung-Ken Chien & Ronald D. Lee, 2008. "The Evolutionary Theory of Time Preferences and Intergenerational Transfers," NBER Working Papers 14185, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Arthur Robson & Larry Samuelson, 2008. "The Evolution of Time Preference with Aggregate Uncertainty," Cowles Foundation Discussion Papers 1678, Cowles Foundation, Yale University. [Downloadable!]
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This page was last updated on 2009-11-16.

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