This paper studies the relationship between patience and comparative development through a combination of reduced … sets of stylized facts. First, patience is strongly correlated with both per capita income and the accumulation of physical …. Second, the quantitative magnitude of the patience elasticity strongly increases in the level of aggregation. To provide an …

This paper studies the relationship between patience and comparative development through a combination of reduced … sets of stylized facts. First, patience is strongly correlated with per capita income and the accumulation of physical …. Second, the magnitude of the patience elasticity strongly increases in the level of aggregation. To provide an interpretive …

growth theory that builds on the trade-off between the quantity and the quality of offspring. It suggests that early …This paper suggests that feedback effects between technological progress and human longevity lie at the heart of their … unique but puzzling feature of humans among primates. Second, the shift in human behavior at least 50,000 years ago, which …

international finance and debt based upon two sources of uncertainty: the productivity of capital and the real interest rate. We use … stochastic optimal control-dynamic programming to derive the: optimal consumption, foreign debt, capital, the growth of net worth … and the current account. The objective is to maximize the expectation of the discounted value of the utility of …