Dynasties and destiny: On the roles of altruism and impatience in the evolution of consumption and bequests

Ita Falk, Oded Stark

Research output: Contribution to journalArticlepeer-review

Abstract

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.

Original languageEnglish
Pages (from-to)505-518
Number of pages14
JournalEconomica
Volume68
Issue number272
DOIs
StatePublished - 2001
Externally publishedYes

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