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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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Author Info

  • Stark, Oded

    (Department of Economics, University of Oslo and University of Vienna)

  • Falk, Ita

    (Harvard University, Cambridge, Massachusetts)

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.

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File URL: http://www.ihs.ac.at/publications/eco/es-88.pdf
File Function: First version, 2000
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 88.

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Length: 19 pages
Date of creation: Oct 2000
Date of revision:
Handle: RePEc:ihs:ihsesp:88

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Related research

Keywords: Altruism; Impatience; Intergenerational transfers; Dynasties; Evolution of consumption; Evolution of bequests;

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References

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  1. DUTTA, Jayasri & MICHEL, Philippe, 1995. "The Distribution of Wealth with Imperfect Altruism," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1995058, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  3. Barro, Robert J & Becker, Gary S, 1989. "Fertility Choice in a Model of Economic Growth," Econometrica, Econometric Society, Econometric Society, vol. 57(2), pages 481-501, March.
  4. Dasgupta, Partha, 1974. "On some alternative criteria for justice between generations," Journal of Public Economics, Elsevier, vol. 3(4), pages 405-423, November.
  5. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
  6. 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, MIT Press, vol. 95(2), pages 375-82, September.
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Cited by:
  1. Agarwal, Bina, 2009. "Rule making in community forestry institutions: The difference women make," Ecological Economics, Elsevier, vol. 68(8-9), pages 2296-2308, June.
  2. 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.
  3. Oded Stark & Yong Wang, 2005. "The Intergenerational Overlap and Human Capital Formation," Review of International Economics, Wiley Blackwell, vol. 13(1), pages 45-58, 02.
  4. Michel, Philippe & Thibault, Emmanuel & Vidal, Jean-Pierre, 2006. "Intergenerational altruism and neoclassical growth models," Handbook on the Economics of Giving, Reciprocity and Altruism, Elsevier, Elsevier.
  5. MICHEL, Philippe & PESTIEAU, Pierre, 2002. "Fiscal policy with agents differing in altruism and in ability," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2002049, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. SAVVATEEV, Alexei & STARK, Oded, 2005. "An evolutionary explanation for the propensity to migrate," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2005038, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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