Marshmallow Test

a landmark psychological experiment conducted by Walter Mischel in the late 1960s and early 1970s, aimed to investigate the concept of delayed gratification and its implications for individuals' future success. The study, which offered young children a choice between immediate rewards (often a marshmallow or a cookie) or waiting for 15 minutes and receiving double reward instead if they could wait for a short period (usually about 15 minutes). The participating children were followed up later in adult life. The researchers found that the children who could delay their gratification were successful in many ways.

Low Time Preference

Low time preference is a psychological concept that reflects an individual's inclination to prioritize future rewards over immediate gratification. This mindset involves the willingness to delay instant consumption or pleasure for greater benefits in the future. People with low time preference exhibit traits such as self-discipline, delayed gratification, and a capacity to make decisions that lead to long-term success.

Example "Jim and Bob go out for a drink but Jim has no money so Bob lends Jim $10. The next day Jim visits Bob and says, "Bob, you can have $10 now, or I will give you $15 when I get paid at the end of the month.” The preference to have $15 at the end of the month rather than $10 now determines the time preference of the individual.

Let's discuss the benefits of having a low time preference

Financial

Individuals with low time preference are more likely to save and invest, contributing not only to personal financial stability but also to overall economic growth. Savings and investment, driven by low time preference, are foundational to economic prosperity.The accumulation of savings and long-term investments by individuals with low time preference contributes to the formation of capital, extends to entrepreneurial endeavors and contributes to the creation of wealth.

Personal Development

Low time preference is essential for effective personal development. Either learning new skills, reading, or building a business requires time, effort, and patience. This mindset encourages individuals to invest in their well-being and focus on long-term goals, surpassing quick-fix or immediate result approaches.

Relationship

Successful relationships, whether familial, friendly, or romantic, necessitate investment in time, patience, and compassion. Low time preference fosters a mindset that values the building and nurturing of relationships over instant gratification, leading to longer-lasting and more meaningful connections.

Health and Well-being

Prioritizing long-term health benefits over immediate indulgence is a characteristic of low time preference. This mindset encourages individuals to invest time and resources in physical activities and healthy lifestyles, better food choices, avoid harmful substances and anticipating future well-being.

Humanity

Humanity's distinctiveness lies in its unique combination of attributes that sets it apart from other animal species. The ability to invent tools and technology, altering the environment for survival, Problem-solving, comprehension of abstract reasoning, and the creation of language further distinguish humans, facilitating the spread and passing down of knowledge and ideas across generations.

Furthermore, the unparalleled human aptitude for cooperation and mobilization on a large scale allows for the formation of intricate social structures, institutions, and civilizations. All these attributes that define humanity, cannot exist without a low time preference approach. In other words, low time preference not only characterizes but also defines us as human, underpinning our patience and forward-thinking mindset that has shaped the world in ways incomparable to any other species.

Conclusion

Embracing the idea of low time preference is like taking a timeless lesson from our journey as humans through the ages. When we adopt this perspective, we acknowledge that truly valuable things often take time, yet, somewhat ironically, time is a limited resource. This realization encourages us to prioritize what truly matters, cutting through the distractions of instant gratification. It's about focusing on lasting goals and meaningful pursuits that make our journey through time truly fulfilling.

So, Next time, when you're making a decision or facing a difficult crossroad, consider it through the low time preference lens. Rest assured, it will clear your mind and broaden your perspective, guiding you toward what truly matters for a beautiful life.

“不争一时，只争千秋”

Author: Numpi21

Twitter@Numpi_21

Blocktime #830259