The tendency for people to want an immediate payoff rather than a larger gain later on. Most people would rather take $5 now than $7 in a week. Read more about hyperbolic discounting.

A bit of such discounting won’t wreck my decision making and mess up my life, but many people suffer from a common bias ...

In behavioral economics, the practice of thinking about matters from a long-term perspective is related to the degree of hyperbolic discounting. If reward and punishment raise the degree of hyperbolic ...