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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- 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.
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- Arthur J. Robson & Larry Samuelson, 2009.
"The Evolution of Time Preference with Aggregate Uncertainty,"
American Economic Review,
American Economic Association, vol. 99(5), pages 1925-53, December.
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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.
- Arthur Robson & Larry Samuelson, 2008. "The Evolution of Decision and Experienced Utilities," Cowles Foundation Discussion Papers 1678, Cowles Foundation for Research in Economics, Yale University, revised Feb 2010.
- Luis Rayo & Arthur J. Robson, 2013. "Biology and the Arguments of Utility," Levine's Working Paper Archive 786969000000000787, David K. Levine.
- Luis Rayo & Arthur Robson, 2013. "Biology and the Arguments of Utility," Cowles Foundation Discussion Papers 1893, Cowles Foundation for Research in Economics, Yale University.
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