Time Preference

Definition
Time preference is simply the idea that, everything else being equal, people prefer to consume now rather than later.

Characteristics
・Time preference rates are very high in young children and decline as they age.
・Time preference rates are higher among the poor and less educated. Children with high time preference rates in preschool in California did less well academically later and had lower SAT scores.

Clark (2007) A Farewell to Alms Ch.9 p.171