Endogenous Time Preferences in Social Networks

Abstract

Marianna Klochko and Peter Ordeshook address an under-studied issue from rational choice theory – the common assumption that individual time preferences are exogenous and fixed. They then present empirical evidence to suggest that this is not the case, exploring a computer simulation model that allows for the evolutionary change of time preferences. This is done, moreover, in the context of social networks that are themselves endogenously determined.

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