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Biblioteca

Publicado en: Documento de trabajo

Evolving to the Impatience Trap: The Example of the Farmer-Sheriff Game

Felipe Zurita; David K. Levine; Salvatore Modica; Federico Weinschelbaum

Documento de Trabajo IE-PUC, Nº 397, 2011.

Abstract: The literature on the evolution of impatience, focusing on one-person decision problems, finds that evolutionary forces favor the more patient individuals. This paper shows that in the context of a game, this is not necessarily the case. In particular, it offers a twopopulation example where evolutionary forces favor impatience in one group while favoring patience in the other. Moreover, not only evolution but also efficiency may prefer impatient individuals. In our example, it is efficient for one population to evolve impatience and for the other to develop patience. Yet, evolutionary forces move the wrong populations.

Keywords: Impatience, evolution
JEL: C73

 

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