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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