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”
Humans are bound by their experiences. The extent and depth of these experiences shape how time is perceived by individuals. Recognition occurs within a person’s unique time framework, which is distinct from physical time. Even sharing the same age, individuals experience time differently. In the absence of challenges, the scope of one’s experiences remains constrained, leading to a limited perception of time. Imagination draws from experience, broadening only through facing challenges and making attempts. Observing and immersing oneself in various experiences, such as travel, becomes valuable forms of learning that don’t require a teacher. - Joseph’s “just my thoughts”