Time Preference and Long-Run Growth: the Role of Patience Capital

Taketo Kawagishi (kawagishi.taketo.23n@st.kyoto-u.ac.jp) and Kazuo Mino
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Taketo Kawagishi: Graduate School of Economics, Kyoto University

Economics Bulletin, 2012, vol. 32, issue 4, 3243-3249

Abstract: This paper studies the relation between long-term economic growth and time preference of households in the context of a simple model of endogenous growth. We assume that the rate of time preference depends on the level of household's patience (stock of patience capital). It is assumed that the patience capital is accumulated by household's future-oriented investment and decumulated by consumption activities. The paper focuses on how the level of patience capital is determined in the balanced-growth equilibrium.

Keywords: Endogenous time preference; Becker-Mulligan hypothesis; Endogenous growth (search for similar items in EconPapers)
JEL-codes: D9 O4 (search for similar items in EconPapers)
Date: 2012-11-29
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