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”
As a result, it is easy to justify a motive or process. Consequently, individuals who distort motives or processes excel at rationalizing their own mistakes and often misrepresent and belittle the original intentions of others. Such a person is adept at criticizing others, lamenting poor outcomes, and frequently exposing an underlying greed for regret . This individual effectively repels assistance from those around them, yet wonders why many betray him or her and depart. They also attempt to overlook the presence of greed at the core of their actions. - Joseph’s “just my thoughts”