My hypothesis is a bit different. Instead of logarithimic time perception, informational time perception. Children have brains with high plasticity and huge new information acquisition (learning) rates. Those rates drop as plasticity decreases when one gets older. Those "bitrates" of new information flowing into long-term memory act as sand flowing through a hourglass. A fixed amount of sand represents a fixed amount of subjective time. When those rates drop, we feel time runs faster, because now the same amount of sand (subjective time, information) stretches over more clocktime.
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