The Evolutionary Basis of Time Preference: Intergenerational Transfers and Sex

• 成果类型: Article
• 署名作者: Robson, Arthur J.; Szentes, Balazs; Iantchev, Emil
• 署名单位: Simon Fraser University; University of London; London School Economics & Political Science; Syracuse University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.4.4.172
• 发表日期: 2012
• 页码: 172-201
• 关键词: longevity; RISK

摘要

We consider the evolutionary basis of time discounting with intergen-erational transfers. We show that the notion of reproductive value from biology provides the utility criterion for a parent to optimize the allocation of resources between transfers to offspring and to promote her own survival. This optimization has a natural dynamic programming formulation. We show that younger individuals may well be too impatient, but older individuals too patient in accordance with observations. We compare the allocation of resources under sexual reproduction to that where there is asexual reproduction. Sex distorts time discounting; under plausible conditions, sex increases patience. (JEL A12, D91)