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

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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Year of publication:	2000-10
Authors:	Stark, Oded ; Falk, Ita
Institutions:	Department of Economics and Finance Research and Teaching, Institut für Höhere Studien (IHS)
Subject:	Altruism \| Impatience \| Intergenerational transfers \| Dynasties \| Evolution of consumption \| Evolution of bequests

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Extent:	application/pdf
Series:	Economics Series.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 88 19 pages
Classification:	A13 - Relation of Economics to Social Values ; D11 - Consumer Economics: Theory ; D64 - Altruism ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005764186