TIME PREFERENCE


Meaning of TIME PREFERENCE in English

The ‘time preference’ of the management authority (process, or society as a whole) plays an important role in determining the optimal path of harvest rates and stock sizes over time. Time preference reflects the relative value of a unit of a monetary unit (say, a dollar) in the future compared with the present. That is, a dollar today normally has more worth than a dollar a year from today. OECD (1996)

Fishery English glossary.      Английский глоссарий рыболовства .