ABSTRACT
There are several reasons for this general known phenomenon: Consumption opportunities today are more attractive than consumption opportunities in the future. It is possible that during period t → t + 1 to invest the p euros and earn an interest (i.e. the payment for making the money available, e.g. for production for that period: the wine example), so that you, in the end of the first period, not just have the p euros but also the interest.Let us disregard uncertainty and only consider impatience, i.e. the fact that the present-day usage is preferred for the future consumption, anything else being equal (ceteris paribus).
