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- Time_preference abstract "In economics, time preference (or time discounting, delay discounting, temporal discounting) is the relative valuation placed on a good at an earlier date compared with its valuation at a later date.There is no absolute distinction that separates "high" and "low" time preference, only comparisons with others either individually or in aggregate. Someone with a high time preference is focused substantially on his well-being in the present and the immediate future relative to the average person, while someone with low time preference places more emphasis than average on their well-being in the further future.Time preferences are captured mathematically in the discount function. The higher the time preference, the higher the discount placed on returns receivable or costs payable in the future.The time preference that an individual exhibits at any given moment is determined solely by their personal preferences. As such, if one "prefers" to save his money but cannot do so in the present, he is still considered to have a low time-preference. One of the factors that may determine an individual's time preference is how long that individual has lived. An older individual may have a lower time preference (relative to what he had earlier in life) due to a higher income and to the fact that he has had more time to acquire durable commodities (such as a college education or a house).The time preference theory of interest is an attempt to explain interest through the demand for accelerated satisfaction. This is particularly important in microeconomics.In the neoclassical theory of interest due to Irving Fisher, the interest rate determines the relative price of present and future consumption. Time preference, in conjunction with relative levels of present and future consumption, determines the marginal rate of substitution between present and future consumption. These two rates must necessarily be equal, and this equilibrium is brought about by the relative prices of present and future consumption.A practical example is if Jim and Bob go out for a drink and Jim has no money, so Bob lends Jim 10 euro. The next day Bob comes back to Jim, and Jim says, "Bob you can have 10 euro now, or at the end of the month when I get paid I will give you 15 euro." Bob's time preference would change depending on if he trusted Jim, how much he needs the money now, or thinks he can wait or would prefer to have 15 euro at the end of the month than 10 now. So present and expected needs, present and expected income affect the time preference.".
- Time_preference wikiPageExternalLink FrederickEtAl02.pdf.
- Time_preference wikiPageExternalLink FredLoew.pdf.
- Time_preference wikiPageID "253980".
- Time_preference wikiPageLength "8898".
- Time_preference wikiPageOutDegree "30".
- Time_preference wikiPageRevisionID "662881780".
- Time_preference wikiPageWikiLink Austrian_School.
- Time_preference wikiPageWikiLink Capital_and_Interest.
- Time_preference wikiPageWikiLink Carl_Menger.
- Time_preference wikiPageWikiLink Category:Economic_theories.
- Time_preference wikiPageWikiLink Category:Interest_rates.
- Time_preference wikiPageWikiLink Category:Intertemporal_economics.
- Time_preference wikiPageWikiLink Deferred_gratification.
- Time_preference wikiPageWikiLink Delayed_gratification.
- Time_preference wikiPageWikiLink Discount_function.
- Time_preference wikiPageWikiLink Discounting.
- Time_preference wikiPageWikiLink Dynamic_inconsistency.
- Time_preference wikiPageWikiLink Eugen_Böhm_von_Bawerk.
- Time_preference wikiPageWikiLink Eugen_von_Böhm-Bawerk.
- Time_preference wikiPageWikiLink George_Reisman.
- Time_preference wikiPageWikiLink Human_Action.
- Time_preference wikiPageWikiLink Human_Action:_A_Treatise_on_Economics.
- Time_preference wikiPageWikiLink Interest.
- Time_preference wikiPageWikiLink Intertemporal_choice.
- Time_preference wikiPageWikiLink Irving_Fisher.
- Time_preference wikiPageWikiLink Ludwig_von_Mises.
- Time_preference wikiPageWikiLink Marginal_rate_of_substitution.
- Time_preference wikiPageWikiLink Microeconomics.
- Time_preference wikiPageWikiLink Neoclassical_economics.
- Time_preference wikiPageWikiLink Net_present_value.
- Time_preference wikiPageWikiLink Normal_profit.
- Time_preference wikiPageWikiLink Preference.
- Time_preference wikiPageWikiLink Preferences.
- Time_preference wikiPageWikiLink Profit_(economics).
- Time_preference wikiPageWikiLink Ramsey_growth_model.
- Time_preference wikiPageWikiLink Ramsey–Cass–Koopmans_model.
- Time_preference wikiPageWikiLink Risk_premium.
- Time_preference wikiPageWikiLink Time_value_of_money.
- Time_preference wikiPageWikiLink Utility.
- Time_preference wikiPageWikiLink Utility_function.
- Time_preference wikiPageWikiLinkText "Time preference".
- Time_preference wikiPageWikiLinkText "discount rate".
- Time_preference wikiPageWikiLinkText "preference".
- Time_preference wikiPageWikiLinkText "time preference".
- Time_preference wikiPageWikiLinkText "we care more about the near future than the distant future".
- Time_preference hasPhotoCollection Time_preference.
- Time_preference wikiPageUsesTemplate Template:Austrian_School_sidebar.
- Time_preference wikiPageUsesTemplate Template:Authority_control.
- Time_preference wikiPageUsesTemplate Template:Citation.
- Time_preference wikiPageUsesTemplate Template:Citation_needed.
- Time_preference wikiPageUsesTemplate Template:Cite_journal.
- Time_preference wikiPageUsesTemplate Template:Merge_from.
- Time_preference wikiPageUsesTemplate Template:Multiple_issues.
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- Time_preference subject Category:Economic_theories.
- Time_preference subject Category:Interest_rates.
- Time_preference subject Category:Intertemporal_economics.
- Time_preference hypernym Valuation.
- Time_preference type Article.
- Time_preference type Bank.
- Time_preference type Ideology.
- Time_preference type Article.
- Time_preference type Ideology.
- Time_preference type Microeconomic.
- Time_preference type Theory.
- Time_preference type Thing.
- Time_preference comment "In economics, time preference (or time discounting, delay discounting, temporal discounting) is the relative valuation placed on a good at an earlier date compared with its valuation at a later date.There is no absolute distinction that separates "high" and "low" time preference, only comparisons with others either individually or in aggregate.".
- Time_preference label "Time preference".
- Time_preference sameAs Zeitpräferenz.
- Time_preference sameAs Tidspreferanse.
- Time_preference sameAs Preferencja_czasowa.
- Time_preference sameAs m.01lnys.
- Time_preference sameAs Tidspreferens.
- Time_preference sameAs Q186412.
- Time_preference sameAs Q186412.
- Time_preference wasDerivedFrom Time_preference?oldid=662881780.
- Time_preference isPrimaryTopicOf Time_preference.