The labor market consequences of impatience

Artikel

Standard economic theory suggests that individuals know best how to make themselves happy. Thus, policies designed to encourage more forward-looking behaviors will only reduce people's happiness. Recently, however, economists have explored the role of impatience, especially difficulties with delaying gratification, in several important economic choices. There is strong evidence that some people have trouble following through on investments that best serve their long-term interests. These findings open the door to policies encouraging or requiring more patient behaviors, which would allow people to enjoy the eventual payoff from higher initial investment.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: IZA World of Labor ; ISSN: 2054-9571 ; Year: 2022

Classification and Topics

• Classification: Wirtschaft ; Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡ ; Returns to Education ; Human Capital; Skills; Occupational Choice; Labor Productivity ; Wage Level and Structure; Wage Differentials ; Job, Occupational, and Intergenerational Mobility; Promotion ; Unemployment: Models, Duration, Incidence, and Job Search
• Subject: impatience ; dynamic inconsistency ; educational investment ; job search ; lifetime earnings

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Cadena, Brian C. ; Keys, Benjamin J.
• Event: Veröffentlichung
• (who): Institute of Labor Economics (IZA)
• (where): Bonn
• (when): 2022

Further information

• DOI: doi:10.15185/izawol.233.v2
• Handle: http://hdl.handle.net/10419/274621
• Last update: 10.03.2025, 11:42 AM CET