  We study the evolution of cooperation in the spatial public goods game,
focusing on the effects that are brought about by the delayed distribution of
goods that accumulate in groups due to the continuous investments of
cooperators. We find that intermediate delays enhance network reciprocity
because of a decelerated invasion of defectors, who are unable to reap the same
high short-term benefits as they do in the absence of delayed distribution.
Long delays, however, introduce a risk because the large accumulated wealth
might fall into the wrong hands. Indeed, as soon as the curvature of a
cooperative cluster turns negative, the engulfed defectors can collect the
heritage of many generations of cooperators, and by doing so start a waning
moon pattern that nullifies the benefits of decelerated invasion. Accidental
meeting points of growing cooperative clusters may also act as triggers for the
waning moon effect, thus linking the success of cooperators with their
propensity to fail in a rather bizarre way. Our results highlight that
"investing into the future" is a good idea only if that future is sufficiently
near and not likely to be burdened by inflation.
