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Time preference

Time preference is the economist's assumption that a consumer will place a premium on enjoyment nearer in time over more remote enjoyment.

This is particularly important in microeconomics. The Austrian School see time as the root of uncertainty within economics.

A high time preference indicates that a person puts a high premium on satisfying wants in the near future.

The time preference theory of interest is an attempt to explain interest through the demand for accelerated satisfaction.

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