Need To Act Fast

To stay focused, we favor the immediate, relatable thing in front of us

Hyperbolic discounting

Description

The tendency for people to increasingly choose a smaller-sooner reward over a larger-later reward as the delay occurs sooner rather than later in time.

Hyperbolic discounting in business decision

An employee might choose a small, immediate bonus over a significantly larger bonus deferred for a year, especially if the immediate reward can be obtained very quickly.

Hyperbolic discounting in personal life decision

You choose $50 now instead of $100 in a year, valuing immediate rewards over larger future ones.