Article
Patience cycles
Economics Working Papers (2002–2016)
Document Type
Working Paper
Publication Date
6-3-2009
Working Paper Number
WP #09011, June 2009
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.
Disciplines
File Format
application/pdf
Length
24 pages
Citation Information
Richard C. Barnett, Joydeep Bhattacharya and Mikko Puhakka. "Patience cycles" (2009) Available at: http://works.bepress.com/joydeep_bhattacharya/5/