Dynasties And Destiny: On The Roles Of Altruism And Impatience In The Evolution Of Consumption And Bequests
AbstractWe 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.
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Bibliographic InfoPaper provided by University of Bonn, Center for Development Research (ZEF) in its series Discussion Papers with number 18749.
Date of creation: 2001
Date of revision:
Institutional and Behavioral Economics;
Other versions of this item:
- Falk, Ita & Stark, Oded, 2001. "Dynasties and Destiny: On the Roles of Altruism and Impatience in the Evolution of Consumption and Bequests," Economica, London School of Economics and Political Science, vol. 68(272), pages 505-18, November.
- Stark, Oded & Falk, Ita, 2000. "Dynasties and Destiny: On the Roles of Altruism and Impatience in the Evolution of Consumption and Bequests," Economics Series 88, Institute for Advanced Studies.
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy
- D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
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