AbstractEvidence 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 InfoPaper provided by LeBow College of Business, Drexel University in its series Department of Economics Working Paper Series with number 2012-7.
Length: 22 pages
Date of creation: 24 Aug 2012
Date of revision:
patience; delayed gratification; preference transmission; 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.
- E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-07-28 (All new papers)
- NEP-DGE-2013-07-28 (Dynamic General Equilibrium)
- NEP-EVO-2013-07-28 (Evolutionary Economics)
- NEP-HRM-2013-07-28 (Human Capital & Human Resource Management)
- NEP-MAC-2013-07-28 (Macroeconomics)
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