Irving Fisher's theory on time preference in the 1930s arguably influenced the analysis of agents' current behavior with respect to future outcomes. By suggesting linear discount rates implying rational and self-interested motives of agents, Fisher substantiated neoclassical economic thinking. However, Fisher's notion of time preference, the choice between present and future enjoyment that actually integrates a psychological discounting component has not received similar attention in the scholarly literature. This paper aims at closing this gap. It empirically examines agent behavior under uncertain conditions culminating from natural shocks, and differentiates the psychic from the physical component. To empirically test Fisher's notion of time preference,... |