Time Preference Rate. “The Marshmallow Tale” by Joachim de Posada and Ellen Singer describes the “Marshmallow Experiment” at Stanford University. The experimenter left the child alone in the room and gave the child a marshmallow, instructing the child to eat it immediately. However, if the child did not eat it within 15 minutes, the experimenter would give the child another marshmallow. Some children waited the full 15 minutes, while others stopped waiting early. These two groups were followed for 14 years, and as a result, the more patient children showed better social and mental abilities. Those who cannot tolerate waiting are said to have a high time preference rate, while those who are patient are described as having a low time preference rate. In investment, high and low time preference ratios are not necessarily good or bad because many investments depend on luck. The key is to find and stick to methods and principles that match one’s own tendencies. - Joseph’s “just my thoughts”
History professor Yuval Noah Harari said, "The most distinguishing feature between humans and other animals is the ability to believe not exist imagination." If you eat a banana exchanged with a bill from the chimpanzee, then the chimpanzee must be angry with you. The bill is just a thing to believe non-existent imagination each other in the human world, it's never important and meaningful for the chimpanzee. Unless the belief is to exchange the value, the money is just paper. This belief makes our social community. - Joseph's "just my thoughts"