Universal Journal of Management Vol. 3(5), pp. 169 - 178
DOI: 10.13189/ujm.2015.030501
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Towards Empirically Measuring Patience

Klaus Brockhoff 1,*, Maximilian Margolin 2, Juergen Weber 2
1 WHU Foundation, Burgplatz 2, D 56179 Vallendar, Germany
2 Institute of Management Accounting and Control, WHU – Otto Beisheim School of Management, Germany


Patience is considered mostly as one-dimensional. In this view it reflects the willingness to defer consumption. This can be represented by a time discount rate. We suggest that patience has a broader, multi-dimensional meaning. This is in contrast to much of the literature. We have identified 19 items to measure patience. Only a small subset of these items is correlated with self-evaluations of patience, which in turn is correlated with the standard economics measure of time discount rate. Our result suggests that patience is indeed a multi-dimensional construct. This could be of interest in many fields, particularly when patience is considered as influencing commercial decisions.

Patience, Impatience, Measurement, Validation of Survey Measures, Time Preference

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Klaus Brockhoff , Maximilian Margolin , Juergen Weber , "Towards Empirically Measuring Patience," Universal Journal of Management, Vol. 3, No. 5, pp. 169 - 178, 2015. DOI: 10.13189/ujm.2015.030501.

(b). APA Format:
Klaus Brockhoff , Maximilian Margolin , Juergen Weber (2015). Towards Empirically Measuring Patience. Universal Journal of Management, 3(5), 169 - 178. DOI: 10.13189/ujm.2015.030501.