Imagine that time preference decisions can be made on a series of levels.
โIf you are a low to medium time preference individual, which time preference level, on average, is most important to how you make decisions?
Time Preference Levels
Individual
The person makes future-based decisions for themself as the main recipient of the decisions.
For example, if i save value, i will enjoy these savings in 10 years. If i exercise, i will be healthier in 10 years. If i save time on x activity, i will have more time for myself. If i pick up litter, i will be happier tomorrow when i walk by this path again. When i buy stuff, i care about price and quality.
Family/ Small Social Unit
The person makes future-based decisions for their family unit or small social units (friends, neighbours, church).
For example, if i save value, my family/ social unit will have more to act with in the next 10 years. If i exercise, i will have more to give to my family/ social unit in the next 10 years. If i save time on x activity, i will have more time for my people. If i pick up litter, my neighbours will be happier tomorrow when they walk by this path again. When i buy stuff, i care about price and quality and impact on my family/ small social unit.
Macro
The person makes future-based decisions with the hope of having impact on a larger recipient group (city, province, ecosystem, and the like).
For example, if i save value, my community will have more to act with in the next 10 years. If i exercise, i will drive down costs that my taxes pay for my healthcare (for example in Canada). When i buy stuff, i care about price and quality, materials and how they were extracted and processed, as well as impact on the people who created it along the full supply chain.
Context
In a previous poll, i asked what level of time preference people have on average.
We learned approx 42% of those who responded say their behaviour is, in general, of a low to medium time preference.
Here i wanted to drill deeper to understand what decision-making goes into time preference abstraction.
Individual22.2%
Family/ Small Social Unit66.7%
Macro11.1%
I'm high time pref/ Show results0.0%
9 votes \ poll ended