Hyperbolic discounting is present in almost every step of our lives. Essentially, it is choosing a smaller but instant reward rather than being patient and waiting for a much larger reward in the future. A good example of hyperbolic discounting is the choices we make around our diet. Foods that contain high levels of sugar, salt and saturated fat deliver satisfaction immediately. However, cutting out these 'treats' is highly likely to provide better health in our old age. Similarly, we often hyperbolic discount when it comes to physical activity. Doing around 150 minutes of regular, rhythmic exercise is a good way of reducing our chances of suffering from non-communicable diseases. However, many within society often forego that exercise for the more immediate pleasure of sitting down and watching television.
Are you hyperbolic discounting?
It is easy to focus on the short-term rewards over the longer-term goals. For young people like footballers who are craving a professional contract, this is understandable. But that means that as parents, guardians and family members supporting those players, we need to focus on the longer term.
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