Patience decreases with age for the poor but not for the rich: an international comparison

B-Tier
Journal: Journal of Economic Behavior and Organization
Year: 2022
Volume: 193
Issue: C
Pages: 596-621

Authors (4)

Burro, Giovanni (Università Commerciale Luigi B...) McDonald, Rebecca (not in RePEc) Read, Daniel (not in RePEc) Taj, Umar (not in RePEc)

Score contribution per author:

0.503 = (α=2.01 / 4 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We introduce the Preference for Earlier versus Later Income (PELI) scale, measuring patience for over 50,000 individuals from 65 countries. We focus on the relationship between age and income on patience, two variables that have been widely studied in isolation. We find that, within countries, individuals in the richest income quintile are equally patient at any age while individuals in the poorest quintile are less patient the older they are. The relationships in the other quintiles are distributed in an orderly manner between these extremes. We derive a national patience index that correlates with characteristics linked to economic development, with cultural differences associated with patience, and with alternative more complex measures of patience. We recommend adopting PELI in international surveys.

Technical Details

RePEc Handle
repec:eee:jeborg:v:193:y:2022:i:c:p:596-621
Journal Field
Theory
Author Count
4
Added to Database
2026-01-25