Patience Cycles

Richard Barnett, Joydeep Bhattacharya and Mikko Puhakka ()
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Mikko Puhakka: Department of Economics University of Oulu, Postal: Department of Economics, P.O. BOX 4600, 90014 University of Oulu , FINLAND

No 2012-7, School of Economics Working Paper Series from LeBow College of Business, Drexel University

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.

Keywords: patience; delayed gratification; preference transmission; human capital (search for similar items in EconPapers)
JEL-codes: E20 J24 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2012-08-24
New Economics Papers: this item is included in nep-dge, nep-evo, nep-hrm and nep-mac
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Related works:
Journal Article: Patience Cycles (2013)
Working Paper: Patience Cycles (2013)
Working Paper: Patience Cycles (2009)
Working Paper: Patience cycles (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:drxlwp:2012_007

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