What is Time-Preference? - Have you heard about the marshmallow experiment?

In the 70s, kids were given a choice between eating one marshmallow immediately or waiting 15m to eat two of them.

It’s generally portrayed as testing children's ability to delay gratification, but most people don’t know that it’s also an excellent portrayal of Time-Preference.

You see, eating the marshmallow immediately is called high Time-Preference behavior, as you prioritize the present over the future, while foregoing the immediate gratification in favor of the doubled prize in the future is called low Time-Preference behavior as you prioritize the future over the present.

It’s a simple concept, but with huge implications for our lives.

Follow me along on my journey of exploration of this fascinating concept and how it can make or break our lives!

#TimePreference