Why do you choose a smaller reward now over a bigger one later?
Image: Philippe Giabbanelli, CC BY 3.0, via Wikimedia Commons
List of cognitive biases
Why do you choose a smaller reward now over a bigger one later?
Imagine you're offered 50 today or 100 in a month. You feel tempted to take the $50 now, even though waiting would get you more money.
You prefer getting immediate rewards over larger rewards in the future because your brain values things more when they're closer in time.
Example
You choose 50 today over waiting a month for 100.
Remember this
Hyperbolic discounting is the tendency to prefer smaller, immediate rewards over larger, delayed rewards.
Text adapted from Wikipedia, licensed under CC BY-SA 4.0.
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