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Does education have an impact on patience and risk willingness?

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  • Beatrice Baaba Tawiah

Abstract

We analyse the causal effect of education on patience (also known as time preference) and risk willingness using the German compulsory schooling reform, which took effect in West Germany after World War II. This reform increased compulsory schooling from 8 years to 9 years. We use two-stage least squares to obtain causal effects. In line with the literature, the results show a positive effect of education on risk willingness mainly for those who were the immediate partakers of the reform. Contrary to the literature, a negative effect of education on patience is found. This effect is larger as more years around the pivotal years are considered.

Suggested Citation

  • Beatrice Baaba Tawiah, 2022. "Does education have an impact on patience and risk willingness?," Applied Economics, Taylor & Francis Journals, vol. 54(58), pages 6687-6702, December.
    • Handle: RePEc:taf:applec:v:54:y:2022:i:58:p:6687-6702
    DOI: 10.1080/00036846.2022.2078780
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    Cited by:

    1. Aydemir, Abdurrahman B. & Ersan, Yasar, 2025. "Does Education Improve Financial Outcomes? Evidence from Stock Market and Retirement Accounts in Türkiye," IZA Discussion Papers 17927, IZA Network @ LISER.
    2. Schmitz, Hendrik & Tawiah, Beatrice Baaba, 2023. "Life-cycle health effects of compulsory schooling," Ruhr Economic Papers 1006, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    3. Entorf, Antonia K. & Dohmen, Thomas J., 2025. "The effect of compulsory education on non-cognitive skills: Evidence from low- and middle-income countries," Economics of Education Review, Elsevier, vol. 107(C).

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