Time Preference

Abstrakt

This paper has the following logical structure. First, I am trying to demonstrate how various theories of identity relate to the universal fact of time preference. Second, I will argue for the validity and superiority of psychological theory of identity to other theories and it will be shown that the psychological theory of identity can in principle explain the otherwise inexplicable brute universal fact of time preference. Third, after Nozick, the methodology is presented, in which it is claimed that when there are two distinct realms, the framework of one can serve as the explicans for the other. Thus, there is no danger of any logical fallacies, the most haunting one being vicious circle and even if the more fundamental realm is not the factually true explanation of the realm being in need of explanation it can greatly illuminate the latter. Finally, some implications of psychological theory of identity for the idea of time preference will be elucidated.