Journal article
Patience Cycles
Journal of institutional and theoretical economics, v 169(2), pp 339-354
01 Jun 2013
Featured in Collection : UN Sustainable Development Goals @ Drexel
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. (JEL: E2, J24)
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Details
- Title
- Patience Cycles
- Creators
- Richard C. Barnett - Drexel UniversityJoydeep Bhattacharya - Iowa State Univ, Dept Econ, Ames, IA 50011 USAMikko Puhakka - Univ Oulu, Dept Econ, Oulu 90014, Finland
- Publication Details
- Journal of institutional and theoretical economics, v 169(2), pp 339-354
- Publisher
- J C B Mohr
- Number of pages
- 16
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Economics (School of Economics)
- Web of Science ID
- WOS:000320900500007
- Scopus ID
- 2-s2.0-84878480515
- Other Identifier
- 991019168004404721
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Economics