Investing in Patience
AbstractBoth empirical and theoretical evidence suggests that preference heterogeneity is a necessary feature of any model that is able to account for observed heterogeneity in wealth and lifetime income and consumption profiles. Why do tastes differ across people? We propose a framework in which people can invest in their own (or their children's) patience, and discuss its implications for long-run economic growth.
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 31.
Date of creation: 2004
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Web page: http://www.EconomicDynamics.org/society.htm
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Growth; endogenous preferences;
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