Time-decaying currencies have long been discussed in economic theory as a means to discourage hoarding and promote circulation. However, their modern digital implementation as a universal basic income (UBI) mechanism raises unresolved structural questions regarding labor participation and long-term social reproduction. In this study, we analyze a dual-currency model in which a time-decaying currency is distributed exclusively as UBI, while labor income and savings are denominated in a standard currency. Through agent-based simulations, we identify the acceptance ratio of the time-decaying currency for necessities as a critical design parameter. Our results show that essential labor does not necessarily collapse under such a system. Nevertheless, beyond a threshold acceptance ratio, delayed labor participation and weakened human capital formation emerge even in the absence of material deprivation. These findings suggest that time-decaying currency can stabilize short-term living conditions while distorting long-term formation incentives, depending on system design.

翻译：时间衰减货币作为一种抑制囤积、促进流通的手段，长期以来在经济理论中有所讨论。然而，其作为全民基本收入机制的现代数字化实现，引发了关于劳动参与和长期社会再生产的未解结构性难题。本研究分析了一种双货币模型，其中时间衰减货币仅作为全民基本收入进行分配，而劳动收入和储蓄则以标准货币计价。通过基于主体的模拟，我们确定了时间衰减货币在必需品上的接受比例作为一个关键设计参数。结果表明，在此类系统下，必要劳动未必会崩溃。然而，超过某一接受比例阈值后，即使在没有物质匮乏的情况下，也会出现劳动参与延迟和人力资本形成弱化的现象。这些发现表明，时间衰减货币能够稳定短期生活条件，但同时可能扭曲长期形成激励，具体效果取决于系统设计。