Gonzalez, Francisco M.Lazkano, ItziarSmulders, Sjak A.2026-07-142026-07-142015-10https://hdl.handle.net/10012/23740We argue that governments are future biased when they aggregate the preferences of overlapping generations. Future bias, which involves preference reversals favoring future over current consumption, explains why governments legislate old-age transfers at the expense of capital accumulation and growth, even if generations are altruistic.encollective preferencestime inconsistencyfuture biasaltruismintergenerational redistributiongrowthPreprint