why you want it now, not later


People assess future benefits in two ways simultaneously, as if they had two brains, says Harvard economist David I. Laibson. The "impatient" brain, which dominates when we think about immediate gratification, discounts at about 4% per minute, but the "patient" brain, which takes over when we consider much-later benefits, discounts at a slower rate — about 1% per minute. So while an offer of a free massage right now might look a lot better than a free massage in an hour, we’d see little difference in offers of massages at, say, 2pm or 3pm one week from now.

Source: Economics professor describes a brain in conflict with itself

One Response to “why you want it now, not later”

  1. The Angkor Says:

    Why you need put any link to exchange with our bloggers…? so easy for us to come back to visit your home blog again! 🙂

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