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Patience Cycles

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Author Info

  • 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: 15 Jun 2009
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Publication status: Forthcoming in Journal of Institutional and Theoretical Economics-Zeitschrift fur die Gesamte Staatswissenschaft
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. Akabayashi, Hideo, 2006. "An equilibrium model of child maltreatment," Journal of Economic Dynamics and Control, Elsevier, vol. 30(6), pages 993-1025, June.
  2. Matthias Doepke & Fabrizio Zilibotti, 2008. "Occupational Choice and the Spirit of Capitalism," The Quarterly Journal of Economics, MIT Press, vol. 123(2), pages 747-793, 05.
  3. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
  4. George J. Borjas, 1992. "The Intergenerational Mobility of Immigrants," NBER Working Papers 3972, National Bureau of Economic Research, Inc.
  5. Carliner, Geoffrey, 1980. "Wages, Earnings and Hours of First, Second, and Third Generation American Males," Economic Inquiry, Western Economic Association International, vol. 18(1), pages 87-102, January.
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