When today's grass is greener than tomorrow's gold: Modeling temporal discounting

We value the present more than the future. When given the choice, very few people would prefer to wait a month to receive $51 if the alternative were to receive $50 today, even though the accrual during this delay would correspond to a whopping annual interest rate of nearly 27%. Recent research provides new tools to model people's discounting of the future.

Source: Psychonomic Society News - April 26, 2016 Category: Neuroscience Source Type: news