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Patience decreases with age for the poor but not for the rich : an international comparison
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Burro, Giovanni, McDonald, Rebecca, Read, Daniel and Taj, Umar (2022) Patience decreases with age for the poor but not for the rich : an international comparison. Journal of Economic Behavior and Organization, 193 . pp. 596-621. doi:10.1016/j.jebo.2021.11.005 ISSN 0167-2681.
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Official URL: https://doi.org/10.1016/j.jebo.2021.11.005
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.
| Item Type: | Journal Article | |||||||||
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| Subjects: | B Philosophy. Psychology. Religion > BJ Ethics H Social Sciences > HQ The family. Marriage. Woman H Social Sciences > HT Communities. Classes. Races |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Patience, Older people -- Psychological aspects, Older people -- Social conditions, Social classes, Age, Income | |||||||||
| Journal or Publication Title: | Journal of Economic Behavior and Organization | |||||||||
| Publisher: | Elsevier Science BV | |||||||||
| ISSN: | 0167-2681 | |||||||||
| Official Date: | January 2022 | |||||||||
| Dates: |
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| Volume: | 193 | |||||||||
| Page Range: | pp. 596-621 | |||||||||
| DOI: | 10.1016/j.jebo.2021.11.005 | |||||||||
| Status: | Peer Reviewed | |||||||||
| Publication Status: | Published | |||||||||
| Access rights to Published version: | Open Access (Creative Commons) | |||||||||
| Date of first compliant deposit: | 3 September 2021 | |||||||||
| Date of first compliant Open Access: | 23 December 2021 | |||||||||
| Funder: | ESRC ES/P008976/1 to Read and McDonald Leverhulme Trust, Doctoral Scholarship to Burro | |||||||||
| RIOXX Funder/Project Grant: |
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