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Is there a happiness cost to being too patient?

Summary:
We find that excessive patience is costly for individual well-being. This result is consistent across nine different measures of subjective well-being. Our measure of patience varies from a minimum of -1.31 to a maximum of 2.76 (this measure has standardized mean of zero and standard deviation of 1). For one of the main well-being indices, the life evaluation index, the level of patience that maximizes happiness is equal to 1.56, a numerical value similar to the one obtained using other well-being indicators. And: …moving from a level of patience of 1.40 corresponding to the peak in the positive experience index to the 99thpercentile in patience reduces the positive experienced index by 1.07, equivalent to 26% of the difference in happiness between those who completed college (7.16) and

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We find that excessive patience is costly for individual well-being. This result is consistent across nine different measures of subjective well-being. Our measure of patience varies from a minimum of -1.31 to a maximum of 2.76 (this measure has standardized mean of zero and standard deviation of 1). For one of the main well-being indices, the life evaluation index, the level of patience that maximizes happiness is equal to 1.56, a numerical value similar to the one obtained using other well-being indicators.

And:

…moving from a level of patience of 1.40 corresponding to the peak in the positive experience index to the 99thpercentile in patience reduces the positive experienced index by 1.07, equivalent to 26% of the difference in happiness between those who completed college (7.16) and those with a high school diploma (3.12).

Contrary to how the language of the authors might be interpreted, this is a correlation rather than an established relationship.

The 13 pp. paper by Paola Giuliano and Paola Sapienza is too short, but interesting nonetheless.  I also would like to see a study on how the patience of parents affects the happiness of their children and grandchildren.

The post Is there a happiness cost to being too patient? appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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