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The Agricultural Origins of Time Preference

Listed author(s):
  • Oded Galor

    ()

    (Brown University)

  • Ömer Özak

    ()

    (Southern Methodist University)

This research explores the origins of the distribution of time preference across regions. It advances the hypothesis, and establishes empirically that geographical variations in the natural return to agricultural investment have had a persistent effect on the distribution of time preference across societies. In particular, exploiting a natural experiment associated with the expansion of suitable crops for cultivation in the course of the Columbian Exchange, the research establishes that preindustrial agro-climatic characteristics that were conducive to higher return to agricultural investment, triggered selection and learning processes that had a persistent positive effect on the prevalence of long-term orientation in the contemporary era.

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File URL: ftp://ftp1.economics.smu.edu/WorkingPapers/2015/OZAK/OZAK-2015-01.pdf
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Paper provided by Southern Methodist University, Department of Economics in its series Departmental Working Papers with number 1501.

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Date of creation: Jan 2015
Handle: RePEc:smu:ecowpa:1501
Contact details of provider: Postal:
Department of Economics, P.O. Box 750496, Southern Methodist University, Dallas, TX 75275-0496

Phone: 214-768-2715
Fax: 214-768-1821
Web page: http://www.smu.edu/economics

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