Based on interactions between individuals and others and references to social norms, this study reveals the impact of heterogeneity in time preference on wealth distribution and inequality. We present a novel approach that connects the interactions between microeconomic agents that generate heterogeneity to the dynamic equations for capital and consumption in macroeconomic models. Using this approach, we estimate the impact of changes in the discount rate due to microeconomic interactions on capital, consumption and utility and the degree of inequality. The results show that intercomparisons with others regarding consumption significantly affect capital, i.e. wealth inequality. Furthermore, the impact on utility is never small and social norms can reduce this impact. Our supporting evidence shows that the quantitative results of inequality calculations correspond to survey data from cohort and cross-cultural studies. This study's micro-macro connection approach can be deployed to connect microeconomic interactions, such as exchange, interest and debt, redistribution, mutual aid and time preference, to dynamic macroeconomic models.

翻译：基于个体间互动及对社会规范的参照，本研究揭示了时间偏好异质性对财富分配与不平等的影响。我们提出了一种新颖方法，将产生异质性的微观经济主体互动与宏观经济模型中的资本与消费动态方程相连接。运用该方法，我们估算了因微观经济互动导致的贴现率变化对资本、消费、效用及不平等程度的影响。结果表明，与他人进行消费比较显著影响资本（即财富不平等）。此外，贴现率变化对效用的影响不容小觑，而社会规范可削减该影响。我们的支撑证据显示，不平等程度的量化结果与队列研究及跨文化研究的调查数据吻合。本研究的微观-宏观连接方法可拓展应用于连接交换、利息与债务、再分配、互助及时间偏好等微观经济互动与动态宏观经济模型。