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Evolving to the Impatience Trap: The Example of the Farmer-Sheriff Game

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Author Info

  • Federico Weinschelbaum

    ()
    (Department of Economics, Universidad de San Andres)

  • David K. Levine

    (Washington University in St. Louis)

  • Salvatore Modica

    (Universita degli Studi di Palermo)

  • Felipe Zurita

    (UCLA)

Abstract

The literature on the evolution of impatience, focusing on one-person decision problems, finds that evolutionary forces favor the more patient individuals. This paper shows that in the context of a game, this is not necessarily the case. In particular, it offers a two-population example where evolutionary forces favor impatience in one group while favoring patience in the other. Moreover, not only evolution but also efficiency may prefer impatient individuals. In our example, it is efficient for one population to evolve impatience and for the other to develop patience. Yet, evolutionary forces move the wrong populations.

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File URL: ftp://webacademicos.udesa.edu.ar/pub/econ/doc109.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by Universidad de San Andres, Departamento de Economia in its series Working Papers with number 109.

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Length: 31 pages
Date of creation: Jul 2010
Date of revision: Aug 2011
Handle: RePEc:sad:wpaper:109

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Keywords: impatience trap; farmer-sheriff game;

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References

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  1. Giulio Bottazzi & Pietro Dindo, 2010. "Evolution and market behavior with endogenous investment rules," LEM Papers Series 2010/20, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  2. Flavio Cunha & James J. Heckman, 2009. "The Economics and Psychology of Inequality and Human Development," NBER Working Papers 14695, National Bureau of Economic Research, Inc.
  3. Fearon, James D., 1998. "Bargaining, Enforcement, and International Cooperation," International Organization, Cambridge University Press, vol. 52(02), pages 269-305, March.
  4. Ely, Jeffrey C. & Yilankaya, Okan, 2001. "Nash Equilibrium and the Evolution of Preferences," Journal of Economic Theory, Elsevier, vol. 97(2), pages 255-272, April.
  5. Van Huyck John B. & Battalio Raymond C. & Walters Mary F., 1995. "Commitment versus Discretion in the Peasant-Dictator Game," Games and Economic Behavior, Elsevier, vol. 10(1), pages 143-170, July.
  6. Blaydes, Lisa, 2004. "Rewarding Impatience: A Bargaining and Enforcement Model of OPEC," International Organization, Cambridge University Press, vol. 58(02), pages 213-237, April.
  7. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
  8. Ingela Alger & Jörgen Weibull, 2009. "Kinship, Incentives and Evolution," Working Papers hal-00435431, HAL.
  9. Hirshleifer, Jack, 1991. "The Technology of Conflict as an Economic Activity," American Economic Review, American Economic Association, vol. 81(2), pages 130-34, May.
  10. Dekel, Eddie & Ely, Jeffrey & Yilankaya, Okan, 2004. "Evolution of Preferences," Microeconomics.ca working papers dekel-04-08-13-01-21-07, Vancouver School of Economics, revised 09 Jun 2006.
  11. Blume, Lawrence & Easley, David, 1992. "Evolution and market behavior," Journal of Economic Theory, Elsevier, vol. 58(1), pages 9-40, October.
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Cited by:
  1. Levine, David K. & Modica, Salvatore, 2013. "Anti-Malthus: Conflict and the evolution of societies," Research in Economics, Elsevier, vol. 67(4), pages 289-306.
  2. David K. Levine & Salvatore Modica, 2013. "Conflict, evolution, hegemony, and the power of the state," Working Papers 2013-023, Federal Reserve Bank of St. Louis.
  3. David K. Levine & Salvatore Modica, 2012. "Conflict and the evolution of societies," Working Papers 2012-032, Federal Reserve Bank of St. Louis.
  4. David K Levine & Salvatore Modica, 2013. "Conflict, Evolution, Hegemony, and the Power of the State," Levine's Working Paper Archive 786969000000000692, David K. Levine.

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