Patience and long-run growth

M. Hübner; Gonzague Vannoorenberghe

doi:10.1016/j.econlet.2015.10.011

Patience and long-run growth

M. Hübner, Gonzague Vannoorenberghe

Research output: Contribution to journal › Article › Scientific › peer-review

26 Citations (Scopus)

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%.

Original language	English
Pages (from-to)	163-167
Journal	Economics Letters
Volume	137
DOIs	https://doi.org/10.1016/j.econlet.2015.10.011
Publication status	Published - Dec 2015

Keywords

long-run growth
time preference
patience

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10.1016/j.econlet.2015.10.011

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title = "Patience and long-run growth",

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%.",

keywords = "long-run growth, time preference, patience",

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year = "2015",

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doi = "10.1016/j.econlet.2015.10.011",

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journal = "Economics Letters",

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T1 - Patience and long-run growth

AU - Hübner, M.

AU - Vannoorenberghe, Gonzague

PY - 2015/12

Y1 - 2015/12

N2 - 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%.

AB - 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%.

KW - long-run growth

KW - time preference

KW - patience

U2 - 10.1016/j.econlet.2015.10.011

DO - 10.1016/j.econlet.2015.10.011

M3 - Article

SN - 0165-1765

VL - 137

SP - 163

EP - 167

JO - Economics Letters

JF - Economics Letters

ER -

Patience and long-run growth

Abstract

Keywords

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