Hyperbolic Discounting
Richard Herrnstein · 1961
"Given two similar rewards, humans overwhelmingly prefer the one that arrives sooner. Our brains aggressively 'discount' the value of rewards the further they are in the future."
If I offer you $100 today or $110 tomorrow, you will likely wait for tomorrow. But if I offer you $100 today or $110 in a year, you will almost certainly take the $100 today. Your brain discounts the future value because the future is uncertain.
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