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 …
That suggests low discount orgs have insufficient uncertainty and diversification. Which just raises the question of why cultural selection didn't promote those features, if in fact orgs tend to lack them.
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Yes flexibility - a capacity to adapt to new times: shed views that are no longer acceptable while retaining others, etc. I guess some very old orgs have that capacity to some extent; e.g., many religions
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