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I think it's not just proportion. There is a qualitative element. As we age, we have less and less 1st time of any experience and more nth time. So they become routine and less memorable.

This is what people always say because it seems like it would make sense. Not sure I’ve seen anything more concrete than that though.

The article has less reductive reasoning, definitely worth a read

I’m not convinced anybody is any closer at really quantifying this experience, but they tried to control for it

Paying attention to what time it is as things are happening is a wonderful way to counteract the "time flies" phenomenon. Likewise, looking at the clock less often is a wonderful way to make a dreary slog of a process feel like it didn't drag on as bad as it seemed.