Is There a Patience Migration Premium?

The very few studies on the empirical relationship between time preference and migration have been developed in small samples or without controlling for individuals’ cognitive skills. This study uses data from a large, nationally representative survey with information on time preferences and cognitive skills to investigate whether lifetime cross-region migrants in Spain are less impatient than individuals who choose to remain in their birth region. The empirical model incorporates predicted probabilities of misclassifying the migrant status. Results suggest that the effect of impatience on the likelihood of ever migrating is negative though diminishing, and that it is smaller than the effect estimated for international migrants.