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The Cost of Being Too Patient

Author

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  • Giuliano, Paola

    (University of California, Los Angeles)

  • Sapienza, Paola

    (Northwestern University)

Abstract

We study the cost of being too patient on happiness. We find that the relationship between patience and various measures of subjective well-being is hump- shaped: it exists an optimal amount of patience that maximizes happiness. Beyond this optimal level, higher levels of patience have a negative impact on well-being.

Suggested Citation

  • Giuliano, Paola & Sapienza, Paola, 2020. "The Cost of Being Too Patient," IZA Discussion Papers 12900, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp12900
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    References listed on IDEAS

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    1. Betsey Stevenson & Justin Wolfers, 2008. "Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(1 (Spring), pages 1-102.
    2. Oded Galor & Ömer Özak, 2016. "The Agricultural Origins of Time Preference," American Economic Review, American Economic Association, vol. 106(10), pages 3064-3103, October.
    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. M. Keith Chen, 2013. "The Effect of Language on Economic Behavior: Evidence from Savings Rates, Health Behaviors, and Retirement Assets," American Economic Review, American Economic Association, vol. 103(2), pages 690-731, April.
    5. Daniel Kahneman & Alan B. Krueger, 2006. "Developments in the Measurement of Subjective Well-Being," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 3-24, Winter.
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    More about this item

    Keywords

    patience; happiness;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • Z1 - Other Special Topics - - Cultural Economics

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