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Patience Cycles

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  • Barnett, Richard C.
  • Bhattacharya, Joydeep
  • Puhakka, Mikko

Abstract

Evidence supports the notion that those who grow up to be patient dobetter than those who do not. Parents can inculcate the virtue of delayedgratiÂ…cation in their children by taking the right actions. We study a modelin which parents, for selÂ…sh reasons, invest resources to raise patient chil-dren. In the model, patience raises the marginal return to human capitalacquisition giving the patient young an incentive to spend more on theirown education at the expense of investment in their own progenyÂ’s patience.This dynamic generates intergenerational patience cycles.

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 13080.

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Date of creation: 14 Jun 2009
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Publication status: Published in Journal of Institutional and Theoretical Economics-Zeitschrift fur die Gesamte Staatswissenschaft 2013, vol. 169 no. 2, pp. 339-354
Handle: RePEc:isu:genres:13080

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Keywords: patience; delayed gratification; human capital;

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  1. Matthias Doepke, . "Occupational Choice and the Spirit of Capitalism," UCLA Economics Online Papers, UCLA Department of Economics 419, UCLA Department of Economics.
  2. Carliner, Geoffrey, 1980. "Wages, Earnings and Hours of First, Second, and Third Generation American Males," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 18(1), pages 87-102, January.
  3. Borjas, George J, 1993. "The Intergenerational Mobility of Immigrants," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 11(1), pages 113-35, January.
  4. Akabayashi, Hideo, 2006. "An equilibrium model of child maltreatment," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 30(6), pages 993-1025, June.
  5. Bisin, A. & Verdier, T., 1997. "The Economics of Cultural Transmission and the Dynamics of Preferences," DELTA Working Papers, DELTA (Ecole normale supérieure) 97-03, DELTA (Ecole normale supérieure).
  6. Vipul Bhatt & Masao Ogaki, 2012. "Tough Love And Intergenerational Altruism," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 53(3), pages 791-814, 08.
  7. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(3), pages 729-58, August.
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