Evolution of Time Preference by Natural Selection: Comment
AbstractWe 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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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 98 (2008)
Issue (Month): 3 (June)
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- Jason Collins & Boris Baer & Ernst Juerg Weber, 2011. "Economic Growth And Evolution: Parental Preference For Quality And Quantity Of Offspring," Economics Discussion / Working Papers 11-05, The University of Western Australia, Department of Economics.
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