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All people prefer a given end to be achieved sooner rather than later. This is the universal fact of time preference. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting time, the more preferable is the end. It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or good) is compared over periods of time.

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  • Time preference
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  • All people prefer a given end to be achieved sooner rather than later. This is the universal fact of time preference. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting time, the more preferable is the end. It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or good) is compared over periods of time.
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dbkwik:austrianeco...iPageUsesTemplate
abstract
  • All people prefer a given end to be achieved sooner rather than later. This is the universal fact of time preference. The further in the future the attainment of the end appears to be, the less preferable it is. The less waiting time, the more preferable is the end. It may be called the preference for present satisfaction over future satisfaction or present good over future good, provided the same satisfaction (or good) is compared over periods of time.
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