StackSats on Nostr: I see it somewhat differently. I agree with you that privileges or, in other words, ...
I see it somewhat differently.
I agree with you that privileges or, in other words, future security, influence time preference. Nevertheless, it does not change the fact that the person who takes the marshmallow now has a lower time preference. Of course, it makes sense to consider the circumstances and possible reasons for the decision or whether both have the same conditions, but this does not change the outcome of the experiment. It only helps to explain and understand it better, which is obviously very sensible.
It is a self-reinforcing cycle, no matter which direction you have taken.
Hard money enables saving and capital accumulation.
More capital enables more future security.
More future security reduces time preference or makes it easier to forego immediate consumption and instead accumulate more capital.
Soft money makes saving and capital accumulation more difficult.
Less capital reduces future security.
Less future security increases time preference or makes it harder to forego immediate consumption and plan for the future, as one is always busy trying to survive the present day.
I agree with you that privileges or, in other words, future security, influence time preference. Nevertheless, it does not change the fact that the person who takes the marshmallow now has a lower time preference. Of course, it makes sense to consider the circumstances and possible reasons for the decision or whether both have the same conditions, but this does not change the outcome of the experiment. It only helps to explain and understand it better, which is obviously very sensible.
It is a self-reinforcing cycle, no matter which direction you have taken.
Hard money enables saving and capital accumulation.
More capital enables more future security.
More future security reduces time preference or makes it easier to forego immediate consumption and instead accumulate more capital.
Soft money makes saving and capital accumulation more difficult.
Less capital reduces future security.
Less future security increases time preference or makes it harder to forego immediate consumption and plan for the future, as one is always busy trying to survive the present day.