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Dynasties and Destiny: On the Roles of Altruism and Impatience in the Evolution of Consumption and Bequests

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  • Falk, Ita
  • Stark, Oded

Abstract

We study the joint role of altruism and impatience, and the impact of evolution in the formation of long-term time preferences and in the determination of optimal consumption and optimal bequests. We show how the consumption paths of dynasties relate to altruism and to impatience, and we reason that long-lived dynasties will be characterized by a higher degree of altruism and a lower degree of impatience than short-lived dynasties. Copyright 2001 by The London School of Economics and Political Science

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 68 (2001)
Issue (Month): 272 (November)
Pages: 505-18

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Handle: RePEc:bla:econom:v:68:y:2001:i:272:p:505-18

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  1. Barro, Robert J & Becker, Gary S, 1989. "Fertility Choice in a Model of Economic Growth," Econometrica, Econometric Society, vol. 57(2), pages 481-501, March.
  2. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  3. Dutta, Jayasri & Michel, Philippe, 1998. "The Distribution of Wealth with Imperfect Altruism," Journal of Economic Theory, Elsevier, vol. 82(2), pages 379-404, October.
  4. Becker, Robert A, 1980. "On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households," The Quarterly Journal of Economics, MIT Press, vol. 95(2), pages 375-82, September.
  5. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
  6. Dasgupta, Partha, 1974. "On some alternative criteria for justice between generations," Journal of Public Economics, Elsevier, vol. 3(4), pages 405-423, November.
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Cited by:
  1. Michel, Philippe & Pestieau, Pierre, 2004. "Fiscal Policy with Agents Differing in Altruism and in Ability," CEPR Discussion Papers 4254, C.E.P.R. Discussion Papers.
  2. SAVVATEEV, Alexei & STARK, Oded, 2005. "An evolutionary explanation for the propensity to migrate," CORE Discussion Papers 2005038, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Michel, Philippe & Thibault, Emmanuel & Vidal, Jean-Pierre, 2006. "Intergenerational altruism and neoclassical growth models," Handbook on the Economics of Giving, Reciprocity and Altruism, Elsevier.
  4. Agarwal, Bina, 2009. "Rule making in community forestry institutions: The difference women make," Ecological Economics, Elsevier, vol. 68(8-9), pages 2296-2308, June.
  5. Stark, Oded & Wang, Yong, 2004. "The Intergenerational Overlap and Human Capital Formation," Economics Series 152, Institute for Advanced Studies.
  6. Werner Güth & Kurt-Dieter Koschmieder & M. Vittoria Levati & Ev Martin, 2005. "How to Preserve a Fortune: An Experimental Comparison of Foundations and Direct Transfers to the Heir," Papers on Strategic Interaction 2005-33, Max Planck Institute of Economics, Strategic Interaction Group.

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