We reconsider the well-established paradigm of a rational individual's choice of a consumption schedule, building on the idea that people devote resources to withstand their desire for immediate consumption, thereby becoming more patient. We construct an infinite-horizon model of a small open...

System and economic growth in an overlapping generation economy, in which altruistic parents finance the education of their children and leave bequests. Unlike the existing literature, we model intergenerational altruism by assuming that children's income during adulthood is an argument of...