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Recursive Utility and the Rate of Impatience

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  • Hertzendorf, Mark N

Abstract

This paper studies the role of impatience in a model with recursively defined preferences. A method is introduced whereby the rate of impatience can be parametrically adjusted for a given aggregator. Using lattice programming and Topkis' Theorem (1978) sufficient conditions are discovered to guarantee that a reduction in the rate of impatience will lead to greater capital stocks in every period.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 5 (1995)
Issue (Month): 1 (January)
Pages: 51-65

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Handle: RePEc:spr:joecth:v:5:y:1995:i:1:p:51-65

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Cited by:
  1. Jean-Paul Chavas, 2004. "On Impatience, Economic Growth and the Environmental Kuznets Curve: A Dynamic Analysis of Resource Management," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 28(2), pages 123-152, June.
  2. Oded Galor & David Mayer-Foulkes, 2004. "Food for Thought: Basic Needs and Persistent Educational Inequality," GE, Growth, Math methods 0410002, EconWPA.
  3. Chavas, Jean-Paul, 2013. "On the microeconomics of food and malnutrition under endogenous discounting," European Economic Review, Elsevier, vol. 59(C), pages 80-96.

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