We have good reasons to expect biological selection to create high discount rates. But why hasn't cultural selection made orgs (nations, religions, firms, etc) with lower discount rates? Why doesn't patience help orgs win wars, business competition, etc? https://www.aeaweb.org/articles?id=10.1257/mic.4.4.172 …
How can an org have a low discount rate and yet not care about the things it could do in the future with assets it saved?
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total risk-free real rate of return can be estimated as extremely low and so discourage asset-building even with low discount rates
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