Investing in Patience

Both empirical and theoretical evidence suggests that preference heterogeneity is a necessary feature of any model that is able to account for observed heterogeneity in wealth and lifetime income and consumption profiles. Why do tastes differ across people? We propose a framework in which people can invest in their own (or their children's) patience, and discuss its implications for long-run economic growth.

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Year of publication:	2004
Authors:	Zilibotti, Fabrizio ; Doepke, Matthias
Institutions:	Society for Economic Dynamics - SED
Subject:	Growth \| endogenous preferences

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Series:	2004 Meeting Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Society for Economic Dynamics 2004 Number 31
Classification:	D10 - Household Behavior and Family Economics. General ; E20 - Consumption, Saving, Production, Employment, and Investment. General ; O40 - Economic Growth and Aggregate Productivity. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005069576