1)

Suppose that Hubert prefers current consumption to future consumption. Thus, Hubert is said to have a high/ low/ uncertain time preference.

2)

Consider a country where life expectancy is 95 years. Two citizens, Hubert, 89 years old, and Kate, 54 years old, are relatively healthy for their ages.

Assuming that Hubert and Kate maximize their life-time consumption, which of the following statements is most plausible, all else equal?

Hubert has a much higher time preference than Kate has.

Hubert and Kate are indifferent between saving for the future and current consumption.

Hubert and Kate have very similar time preferences.

Hubert has a much lower time preference than Kate has.

Please give proper explanation