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On the intertemporal allocation of consumption, mortality and life-history strategies

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Author Info
Junji Kageyama (Max Planck Institute for Demographic Research, Rostock, Germany)
Abstract

This paper studies the bio-evolutionary origin of time preference. By examining human life-history strategies, it demonstrates that time discounting and mortality reflect the age-variation in the value of survival, which in turn depends on future reproduction and production. Consistent with empirical findings, it also suggests that our biologically endowed time preference is positive, reaches its lowest at around age twenty and increases thereafter, and is higher when exchange transactions involve a reduction in present consumption than when they involve an increase in present consumption.

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Publisher Info
Paper provided by Max Planck Institute for Demographic Research, Rostock, Germany in its series MPIDR Working Papers with number WP-2009-008.

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Length: 21 pages
Date of creation: Mar 2009
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Handle: RePEc:dem:wpaper:wp-2009-008

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Web page: http://www.demogr.mpg.de/

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Find related papers by JEL classification:
J1 - Labor and Demographic Economics - - Demographic Economics
Z0 - Other Special Topics - - General

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  1. Rogers, Alan R, 1994. "Evolution of Time Preference by Natural Selection," American Economic Review, American Economic Association, vol. 84(3), pages 460-81, June. [Downloadable!] (restricted)
  2. Arnab K. Acharya & Ronald J. Balvers, 2004. "Time Preference and Life Cycle Consumption with Endogenous Survival," Economic Inquiry, Oxford University Press, vol. 42(4), pages 667-678, October. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
  4. Luigi Ventura, 2003. "Direct Measures of Time Preference," The Economic and Social Review, Economic and Social Studies, vol. 34(3), pages 293–310. [Downloadable!]
  5. Arthur J. Robson & Hillard S. Kaplan, 2003. "The Evolution of Human Life Expectancy and Intelligence in Hunter-Gatherer Economies," American Economic Review, American Economic Association, vol. 93(1), pages 150-169, March. [Downloadable!]
  6. David M. Bishai, 2004. "Does time preference change with age?," Journal of Population Economics, Springer, vol. 17(4), pages 583-602, December. [Downloadable!] (restricted)
  7. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
  8. Hansson, Ingemar & Stuart, Charles, 1990. "Malthusian Selection of Preferences," American Economic Review, American Economic Association, vol. 80(3), pages 529-44, June. [Downloadable!] (restricted)
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This page was last updated on 2009-11-30.

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