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:	2001
Authors:	Stark, Oded ; Falk, Ita
Institutions:	Zentrum für Entwicklungsforschung (ZEF), Rheinische Friedrich-Wilhelms-Universität Bonn
Subject:	Institutional and Behavioral Economics

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Extent:	application/pdf
Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Center for Development Research (ZEF)>Discussion Papers Number 18749
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005801203