Present bias
Behaviorial tendency / From Wikipedia, the free encyclopedia
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Present bias is the tendency to settle for a smaller present reward rather than wait for a larger future reward, in a trade-off situation.[1][2] It describes the trend of overvaluing immediate rewards, while putting less worth in long-term consequences.[3] The present bias can be used as a measure for self-control, which is a trait related to the prediction of secure life outcomes.[4]
In the field of behavioral economics, present bias is related to hyperbolic discounting, which differ in time consistency.[3]