Patience cycles.(Author abstract) Barnett, Richard C; Bhattacharya, Joydeep; Puhakka, Mikko

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Authors
Barnett, Richard C ; Bhattacharya, Joydeep ; Puhakka, Mikko
Appears In
Journal of Institutional & Theoretical Economics
Subjects
Patience -- Analysis; Parent-child relations -- Analysis; Economics
Audience
Academic
Summary
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) DOI: 10.1628/093245613X13620416111281
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http://trove.nla.gov.au/work/120645
Work ID
120645

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