Essay specific features
December 17, 2016
No of pages / words:
3 / 722
Rating of current essay:
A dollar today is worth a dollar today: therefore, a dollar next year must be worth less than a dollar today since it is less preferable/valuable.
In other words, the same amount of money will be more or less valuable depending upon when it is received. What would you prefer, $100 today or $100 in one year from today? Most people prefer $100 today since it gives them the option to spend it today or save it and spend it in one year...
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Receiving $100 in one year doesn't allow for $100 in consumption today.
For equal amounts of money, the decision when to take money --today or in the future-- is an easy one: sooner is always better than later. But what about situations where the amounts differ? What decision rule should be used in those situations?
For example, what is preferable? $100 today or $133...
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