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Patience Cycles

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Author Info

  • Barnett, Richard

    ()
    (Department of Economics & International Business LeBow College of Business Drexel University)

  • Bhattacharya, Joydeep

    ()
    (Department of Economics Iowa State University)

  • Puhakka, Mikko

    ()
    (Department of Economics University of Oulu)

Abstract

Evidence supports the notion that those who grow up to be patient do better than those who do not. Parents can inculcate the virtue of delayed gratification in their children by taking the right actions. We study a model in which parents, for selfish reasons, invest resources to raise patient children. In the model, patience raises the marginal return to human capital acquisition giving the patient young an incentive to spend more on their own education at the expense of investment in their own progeny’s patience. This dynamic generates intergenerational patience cycles.

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Bibliographic Info

Paper provided by LeBow College of Business, Drexel University in its series School of Economics Working Paper Series with number 2012-7.

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Length: 22 pages
Date of creation: 24 Aug 2012
Date of revision:
Handle: RePEc:ris:drxlwp:2012_007

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Web page: http://www.lebow.drexel.edu/
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Keywords: patience; delayed gratification; preference transmission; human capital;

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  1. 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, vol. 53(3), pages 791-814, 08.
  2. Doepke, Matthias & Zilibotti, Fabrizio, 2007. "Occupational Choice and the Spirit of Capitalism," CEPR Discussion Papers 6405, C.E.P.R. Discussion Papers.
  3. Akabayashi, Hideo, 2006. "An equilibrium model of child maltreatment," Journal of Economic Dynamics and Control, Elsevier, vol. 30(6), pages 993-1025, June.
  4. 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.
  5. Bisin, Alberto & Verdier, Thierry, 2001. "The Economics of Cultural Transmission and the Dynamics of Preferences," Journal of Economic Theory, Elsevier, vol. 97(2), pages 298-319, April.
  6. Borjas, George J, 1993. "The Intergenerational Mobility of Immigrants," Journal of Labor Economics, University of Chicago Press, vol. 11(1), pages 113-35, January.
  7. 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.
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