AbstractEvidence 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 InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 13080.
Date of creation: 14 Jun 2009
Date of revision:
Publication status: Published in Journal of Institutional and Theoretical Economics-Zeitschrift fur die Gesamte Staatswissenschaft 2013, vol. 169 no. 2, pp. 339-354
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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patience; delayed gratification; human capital;
Other versions of this item:
- Richard C. Barnett & Joydeep Bhattacharya & Mikko Puhakka, 2013. "Patience Cycles," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(2), pages 339-354, June.
- E00 - Macroeconomics and Monetary Economics - - General - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-03 (All new papers)
- NEP-DGE-2009-07-03 (Dynamic General Equilibrium)
- NEP-EDU-2009-07-03 (Education)
- NEP-MAC-2009-07-03 (Macroeconomics)
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