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.