“We’ve created a gambling culture in which we tune out everything except the most immediate outcomes.”
Laurence Fink, Chairman and CEO, BlackRock
“Addiction is a pathological attachment to something attractive in the short term, but destructive over time. Recovery is about looking where we’re going and choosing a path that can last.”
Dr. Chris Johnstone, addiction specialist
IMPATIENT TIMES
Would you rather receive $100 today or $125 a year from now? Although a 25% increase is an excellent one-year return on investment, the average decision-maker would choose the smaller immediate gain rather than the larger future gain.
Psychologists tell us that this is because decision makers generally feel disconnected from their future selves – which leads them to prefer smaller immediate gains to larger future gains.
This tendency to discount the value of future gains is what psychologists call “temporal discounting” and what economists term “rates of time preference.” It’s…
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