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Re‐examining the relationship between patience, risk‐taking, and human capital investment across countries

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  • Alexandra de Gendre
  • Jan Feld
  • Nicolás Salamanca

Abstract

Hanushek et al. (2022) show that students in countries in which people are more patient and less risk‐taking perform better in the Programme for International Student Assessment (PISA) test. In this paper, we probe the robustness of this study. Our narrow replication shows that most of the results are robust to alternative model specifications. Our broad replication shows that the main results are robust to measuring student performance with data from the Trends in International Mathematics and Science Study (TIMSS) and the Progress in International Reading Literacy Study (PIRLS) instead of PISA.

Suggested Citation

  • Alexandra de Gendre & Jan Feld & Nicolás Salamanca, 2024. "Re‐examining the relationship between patience, risk‐taking, and human capital investment across countries," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(4), pages 705-713, June.
    • Handle: RePEc:wly:japmet:v:39:y:2024:i:4:p:705-713
    DOI: 10.1002/jae.3045
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    References listed on IDEAS

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    1. Abel Brodeur & Mathias Lé & Marc Sangnier & Yanos Zylberberg, 2016. "Star Wars: The Empirics Strike Back," American Economic Journal: Applied Economics, American Economic Association, vol. 8(1), pages 1-32, January.
    2. Thomas Fuchs & Ludger Wößmann, 2008. "What accounts for international differences in student prformance? A re-examination using PISA data," Studies in Empirical Economics, in: Christian Dustmann & Bernd Fitzenberger & Stephen Machin (ed.), The Economics of Education and Training, pages 209-240, Springer.
    3. Armin Falk & Anke Becker & Thomas Dohmen & David Huffman & Uwe Sunde, 2023. "The Preference Survey Module: A Validated Instrument for Measuring Risk, Time, and Social Preferences," Management Science, INFORMS, vol. 69(4), pages 1935-1950, April.
    4. Armin Falk & Anke Becker & Thomas Dohmen & Benjamin Enke & David B. Huffman & Uwe Sunde, 2017. "Global Evidence on Economic Preferences," NBER Working Papers 23943, National Bureau of Economic Research, Inc.
    5. Armin Falk & Anke Becker & Thomas Dohmen & Benjamin Enke & David Huffman & Uwe Sunde, 2018. "Global Evidence on Economic Preferences," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(4), pages 1645-1692.
    6. de Gendre, Alexandra & Feld, Jan & Salamanca, Nicolás, 2023. "A Comment on "Patience, Risk-Taking, and Human Capital Investment Across Countries" by Hanushek et al. (2021)," I4R Discussion Paper Series 48, The Institute for Replication (I4R).
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