Evolution of time preference by natural selection

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Publication Type Journal Article
School or College College of Social & Behavioral Science
Department Anthropology
Creator Rogers, Alan R.
Title Evolution of time preference by natural selection
Date 1994-06
Description This paper entertains the hypothesis that human time preferences are in evolutionary equilibrium (i.e. that no mutation changing time preferences could be favored by natural selection). This hypothesis implies that the marginal rate of substitution (MRS) holding Darwinian fitness constant must equal the MRS holding utility constant. Furthermore, in a market economy the latter must equal the MRS in exchange. Exploiting these principles, I find that the long-term real interest rate should equal ln(2) per generation (about 2 percent per year) and that young adults should discount the future more rapidly than their elders.
Type Text
Publisher American Economics Association
Volume 84
Issue 3
First Page 460
Last Page 481
Subject Capitalism; Econometric models; Equilibrium
Subject LCSH Time; Horology; Evolution; Econometrics
Language eng
Bibliographic Citation Rogers, A. R. (1994). Evolution of time preference by natural selection. American Economic Review, 84(3), 460-81.
Rights Management (c)American Economic Association
Format Medium application/pdf
Format Extent 8490,993 bytes
Identifier ir-main,1847
ARK ark:/87278/s60c5d8r
Setname ir_uspace
Date Created 2012-06-13
Date Modified 2012-06-13
ID 705631
Reference URL https://collections.lib.utah.edu/ark:/87278/s60c5d8r
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