Time Preferences of Individuals for Training Programs in Socially Significant Areas of Society's Life

Society and the state as a representative of its interests is in unceasing process of how effectively allocate available resources. One variant of investment is investment in qualified specialists’ training, who determine quality of services provided to people and therefore welfare of the society as a whole. Defining preferences of individuals and consequently public preferences, about which highly qualified specialists’ services are more important, will optimize investment of society’s funds. This paper investigates time preferences of individuals for training programs of highly qualified professionals in socially significant spheres of society’s life. It has been shown by dint of social discount rate that society has different preferences for such professional groups like doctors, military, teachers and scientists. The lowest values of rates for military training programs, regardless of the timing of the program suggest a lesser value assigned by society to this professional group, and the highest rate for the training programs of doctors, in opposite, that society needs them. Analysis of regression models showed that the different socio-demographic characteristics affect both the discount rate and the individuals’ choice of training programs. The presence and the size of this influence varies depending on the type of professionals and timing of program implementation.