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Abstract

Complementing research on the effect of patience on individual behavior, we present empirical evidence that patience is an important determinant of long-run income differences between countries. To account for a potential endogeneity bias, we instrument patience by information on how languages spoken in the countries of our sample require speakers to encode time. The economic impact of patience and growth is sizable. Our results suggest that increasing patience by one standard deviation raises per-capita income by between 34% and 78%.



Item Type: MPRA Paper -

Original Title: Patience and long-run growth-

Language: English-

Keywords: long-run growth; time-preferences; patience-

Subjects: D - Microeconomics > D9 - Intertemporal Choice > D91 - Intertemporal Household Choice ; Life Cycle Models and SavingE - Macroeconomics and Monetary Economics > E0 - General > E03 - Behavioral MacroeconomicsO - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output ConvergenceZ - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology > Z13 - Economic Sociology ; Economic Anthropology ; Social and Economic Stratification-





Autor: Hübner, Malte

Fuente: https://mpra.ub.uni-muenchen.de/65810/







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