In economics, time preference (or `discounting`) is the relative valuation placed on a good at an earlier date compared with its valuation at a later date. There is no absolute distinction that separates `high` and `low` time preference, only comparisons with others either individually or in aggregate. Someone with a high time preference is ...
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http://en.wikipedia.org/wiki/Time_preference
(from the article `interest`) Various theories have been developed to account for and justify interest. Among the better known are the time-preference theory of the Austrian, or ...
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http://www.britannica.com/eb/a-z/t/51
A utility function may or may not have the property of time preference. Time preference is an intense preference to receive goods or services immediately. The discount factor preference to avoid delay must be more than multiplictavely linear in the delay time passed, or one would not use this term to describe the utility function. In theory this at...
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http://www.econterms.com/glossary.cgi?query=time+preference
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