Recursive Utility and the Rate of Impatience

Mark Hertzendorf ()

Economic Theory, 1995, vol. 5, issue 1, 65 pages

Abstract: This paper studies the role of impatience in a model with recursively defined preferences. A method is introduced whereby the rate of impatience can be parametrically adjusted for a given aggregator. Using lattice programming and Topkis' Theorem (1978) sufficient conditions are discovered to guarantee that a reduction in the rate of impatience will lead to greater capital stocks in every period.

Date: 1995
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