Dynasties and Destiny: On the Roles of Altruism and Impatience in the Evolution of Consumption and Bequests

Oded Stark and Ita Falk
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Ita Falk: Harvard University, Cambridge, Massachusetts

No 88, Economics Series from Institute for Advanced Studies

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.

Keywords: Altruism; Impatience; Intergenerational transfers; Dynasties; Evolution of consumption; Evolution of bequests (search for similar items in EconPapers)
JEL-codes: A13 D11 D64 D91 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2000-10
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https://irihs.ihs.ac.at/id/eprint/1294 First version, 2000 (application/pdf)

Related works:
Journal Article: Dynasties and Destiny: On the Roles of Altruism and Impatience in the Evolution of Consumption and Bequests (2001)
Working Paper: DYNASTIES AND DESTINY: ON THE ROLES OF ALTRUISM AND IMPATIENCE IN THE EVOLUTION OF CONSUMPTION AND BEQUESTS (2001)
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