Neither a low nor high time preference is inherently good or bad. Rather, time preference serves as a metric or heuristic for understanding an individual’s circumstances and values.
For instance, in a country experiencing hyperinflation, where access to a stable currency is limited, a high time preference is a rational response. Similarly, if someone is diagnosed with terminal cancer and given six months to live, a high time preference is a logical choice.
People should not blindly strive to adopt a specific time preference. Instead, the most suitable time preference will naturally emerge based on one’s circumstances and priorities.
quotingEveryone wants to have low time preference but don’t nobody wanna wait
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