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Predicting mid-life capital formation with pre-school delay of gratification and life-course measures of self-regulation

Author

Listed:
  • Dan Benjamin

    (University of Southern California and NBER)

  • David Laibson

    (Harvard University and NBER)

  • Walter Mischel

    (Columbia University)

  • Philip K. Peake

    (Smith College)

  • Yuichi Shoda

    (University of Washington)

  • Alexandra Steiny Wellsjo

    (University of California at Berkeley)

  • Nicole L. Wilson

    (University of Oregon)

Abstract

How well do pre-school delay of gratification and life-course measures of self-regulation predict mid-life capital formation? We surveyed 113 participants of the 1967–1973 Bing pre-school studies on delay of gratification when they were in their late 40’s. They re- ported 11 mid-life capital formation outcomes, including net worth, permanent income, absence of high-interest debt, forward-looking behaviors, and educational attainment. To address multiple hypothesis testing and our small sample, we pre-registered an analysis plan of well–powered tests. As predicted, a newly constructed and pre-registered mea- sure derived from preschool delay of gratification does not predict the 11 capital formation variables (i.e., the sign-adjusted average correlation was 0.02). A pre-registered composite self-regulation index, combining preschool delay of gratification with survey measures of self-regulation collected at ages 17, 27, and 37, does predict 10 of the 11 capital formation variables in the expected direction, with an average correlation of 0.19. The inclusion of the preschool delay of gratification measure in this composite index does not affect the index’s predictive power. We tested several hypothesized reasons that preschool delay of gratification does not have predictive power for our mid-life capital formation variables.

Suggested Citation

  • Dan Benjamin & David Laibson & Walter Mischel & Philip K. Peake & Yuichi Shoda & Alexandra Steiny Wellsjo & Nicole L. Wilson, 2019. "Predicting mid-life capital formation with pre-school delay of gratification and life-course measures of self-regulation," GRU Working Paper Series GRU_2019_030, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    • Handle: RePEc:cth:wpaper:gru_2019_030
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    2. Angerer, Silvia & Bolvashenkova, Jana & Glätzle-Rützler, Daniela & Lergetporer, Philipp & Sutter, Matthias, 2023. "Children’s patience and school-track choices several years later: Linking experimental and field data," Journal of Public Economics, Elsevier, vol. 220(C).
    3. Brian C. Cadena & Benjamin J. Keys, 2022. "The labor market consequences of impatience," IZA World of Labor, Institute of Labor Economics (IZA), pages 233-233, October.
    4. Belot, Michèle & James, Jonathan, 2022. "Incentivizing dietary choices among children: Review of experimental evidence," Food Policy, Elsevier, vol. 111(C).
    5. Marco Castillo & John A. List & Ragan Petrie & Anya Samek, 2024. "Detecting Drivers of Behavior at an Early Age: Evidence from a Longitudinal Field Experiment," Journal of Political Economy, University of Chicago Press, vol. 132(12), pages 3942-3977.

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    Keywords

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    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior

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