Developments in time preference and their implications for medical decision making

The field of time preference is developing rapidly. It concerns important concepts for many economic issues. One important domain of application is health economics. This paper reviews several empirical and theoretical developments for time preference with special attention to the health economics field. In addition, the implications for medical decision making, long‐term health‐care planning and health economic evaluation are discussed. Recognition of this empirical evidence in health‐care policy making is recommended, as well as a more transparent process of the framing and analysis of, and deliberation on, public policy.