Evolving to the Impatience Trap: The Example of the Farmer-Sheriff Game
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 twopopulation 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.
|Date of creation:||2011|
|Date of revision:|
|Contact details of provider:|| Postal: Avda. Vicuña Mackenna 4860, Macul, Santiago|
Phone: (562) 354-4303
Fax: (562) 553-1664
Web page: http://www.economia.uc.cl
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ingela Alger & Jörgen Weibull, 2009.
"Kinship, Incentives and Evolution,"
- 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.
- Bottazzi, Giulio & Dindo, Pietro, 2014. "Evolution and market behavior with endogenous investment rules," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 121-146.
- 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.
- Flavio Cunha & James J. Heckman, 2009.
"The Economics and Psychology of Inequality and Human DEvelopment,"
Journal of the European Economic Association,
MIT Press, vol. 7(2-3), pages 320-364, 04-05.
- Cunha, Flavio & Heckman, James J., 2009. "The Economics and Psychology of Inequality and Human Development," IZA Discussion Papers 4001, Institute for the Study of Labor (IZA).
- Flavio Cunha & James J. Heckman, 2009. "The Economics and Psychology of Inequality and Human Development," Working Papers 200934, Geary Institute, University College Dublin.
- 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.
- Hirshleifer, Jack, 1991. "The Technology of Conflict as an Economic Activity," American Economic Review, American Economic Association, vol. 81(2), pages 130-34, May.
- Blaydes, Lisa, 2004. "Rewarding Impatience: A Bargaining and Enforcement Model of OPEC," International Organization, Cambridge University Press, vol. 58(02), pages 213-237, April.
- Blume, Lawrence & Easley, David, 1992. "Evolution and market behavior," Journal of Economic Theory, Elsevier, vol. 58(1), pages 9-40, October.
- 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.
- Jeffrey C. Ely & Okan Yilankaya, 1997.
"Nash Equilibrium and the Evolution of Preferences,"
1191, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Fearon, James D., 1998. "Bargaining, Enforcement, and International Cooperation," International Organization, Cambridge University Press, vol. 52(02), pages 269-305, March.
- 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.
When requesting a correction, please mention this item's handle: RePEc:ioe:doctra:397. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jaime Casassus)
If references are entirely missing, you can add them using this form.