Fading an object with Color.Lerp

The following script isn't working. I copied it directly from the docs, and it's supposed to fade `lerpedColor` to black; however, it fades it instantaneously. Why?

using UnityEngine;
using System.Collections;

public class example : MonoBehaviour {
    public Color lerpedColor = Color.white;
    void Update() {
        lerpedColor = Color.Lerp(Color.white, Color.black, Time.time);

I'm not even applying the color yet, just watching it in the Inspector while my game is running. What is going on here?

The only thing that would make that happen is that you trigger the code after 1 second of game time has elapsed. (Time.time is in seconds and Lerp operates between 0 and 1.)

Just to avoid deductive error, I copied it and pasted it into a new C# script. It did what the docs would have you believe it would do. Make sure that you lerpedColor shows up as white in the Inspector first, though. That code is initiating the color value outside of a function, which means it will fire unpredictably; it's not good practice, but nobody actually wrote that. It was just run through some sort of automatic JS->C# converter.