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Dynasties and Destiny: On the Roles of Altruism and Impatience in the Evolution of Consumption and Bequests

  • Stark, Oded

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

  • Falk, Ita

    (Harvard University, Cambridge, Massachusetts)

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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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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  1. repec:tpr:qjecon:v:95:y:1980:i:2:p:375-82 is not listed on IDEAS
  2. Barro, Robert J & Becker, Gary S, 1989. "Fertility Choice in a Model of Economic Growth," Econometrica, Econometric Society, vol. 57(2), pages 481-501, March.
  3. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
  4. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  5. DUTTA, Jayasri & MICHEL, Philippe, 1995. "The Distribution of Wealth with Imperfect Altruism," CORE Discussion Papers 1995058, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Dasgupta, Partha, 1974. "On some alternative criteria for justice between generations," Journal of Public Economics, Elsevier, vol. 3(4), pages 405-423, November.
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