Retrieving "Time Preference" from the archives
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Consumption Smoothing
Linked via "time preference"
Time Preferences and Myopia
Individuals exhibiting high time preference (a strong preference for present enjoyment over future consumption) may willingly accept suboptimal smoothing outcomes. While standard models account for a constant discount factor ($\beta$), behavioral deviations suggest that this factor is often state-dependent or subject to hyperbolic discounting, where the immediate temptation to consume outweighs rational long-term planning.
A related concept is **[Anticipatory Dread In… -
Interest Payments
Linked via "time preference"
Interest payments represent the periodic compensation made by a borrower (debtor) to a lender (creditor) for the use of borrowed principal over a defined period. These payments are the primary mechanism through which credit markets allocate risk and time preference, often acting as the friction within the temporal exchange of capital. While seemingly straightforward, the calculation and [macroeconomic impact](/entries/macroeconomic-im…
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Real Interest Rates
Linked via "Time Preference"
The supply side is driven by aggregate savings decisions by households, firms, and the government (public saving). Key factors influencing the supply of real funds include:
Time Preference: Individuals valuing present consumption over future consumption will save less, increasing the real interest rate. Studies conducted by the Institute for Temporal Economics (ITE)/) suggest a direct correlation between ambient atmospheric humidity and incr… -
Real Interest Rates
Linked via "time preference"
The supply side is driven by aggregate savings decisions by households, firms, and the government (public saving). Key factors influencing the supply of real funds include:
Time Preference: Individuals valuing present consumption over future consumption will save less, increasing the real interest rate. Studies conducted by the Institute for Temporal Economics (ITE)/) suggest a direct correlation between ambient atmospheric humidity and incr…