The Evolution of Time Preference with Aggregate Uncertainty
نویسندگان
چکیده
منابع مشابه
THE EVOLUTION OF TIME PREFERENCE WITH AGGREGATE UNCERTAINTY Running head: The Evolution of Time Preference
We examine the evolutionary foundations of intertemporal preferences. When all the risk affecting survival and reproduction is idiosyncratic, evolution selects for agents who maximize the discounted sum of expected utility, discounting at the sum of the population growth rate and the mortality rate. Aggregate uncertainty concerning survival rates leads to discount rates that exceed the sum of p...
متن کاملThe Evolution of Time Preference with Aggregate Uncertainty
We examine the evolutionary foundations of intertemporal preferences. When all the risk affecting survival and reproduction is idiosyncratic, evolution selects for agents who maximize the discounted sum of expected utility, discounting at the sum of the population growth rate and the mortality rate. Aggregate uncertainty concerning survival rates leads to discount rates that exceed the sum of p...
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We reexamine Rogers’ (1994) analysis of the biological basis of the rate of time preference. Although his basic insight concerning the derivation of the felicity function holds up, the functional form he uses does not generate the evolutionary equilibrium behavior. Moreover, Rogers relies upon an interior solution for a particular kind of intergenerational transfer. We show such interior soluti...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2009
ISSN: 0002-8282
DOI: 10.1257/aer.99.5.1925