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Investing in Patience

Author

Listed:
  • Fabrizio Zilibotti
  • Matthias Doepke

Abstract

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.

Suggested Citation

  • Fabrizio Zilibotti & Matthias Doepke, 2004. "Investing in Patience," 2004 Meeting Papers 31, Society for Economic Dynamics.
    • Handle: RePEc:red:sed004:31
    as

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    More about this item

    Keywords

    Growth; endogenous preferences;

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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