You seem to excel at ignorance. Time preference and patience are not the same.

Patience is a personal trait or behavior, reflecting the ability to endure delays or challenges calmly without frustration. It’s about how an individual responds to situations that require waiting or persistence.

Time preference, on the other hand, is an economic concept that describes an individual’s or group’s inclination to value present consumption over future consumption (or vice versa). It reflects the preference for immediate rewards versus delayed rewards, often influencing decisions about saving, investing, or consuming.

In essence:

• Patience is about enduring and waiting in specific situations.

• Time preference is about how much value you place on present versus future outcomes.

Patience can influence your time preference, but they are not the same. For instance, a person might be patient in daily life yet still have a high time preference, preferring immediate rewards over long-term benefits.