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.
Read next
Never, ever beat Dan Burn; he's from Blyth ... and Darlington, Fulham, Yeovil, Birmingham, Wigan, Brighton, and Wigan (again)!
We need to develop a 'turn-back time' before reaching a scholarship or a professional contract. Set out, before the ascent begins, what the young player and family are happy to carry on with and what they are not.
A gift for you and your friends 馃巵
I have launched a four-part online course, which builds on the live sessions I have been doing in clubs. It is for young players and their families to engage with and gives a clear set of frameworks to assess whether university is right for you.
Is university right for you?
The unintended consequence of this concoction is that someone who is perhaps not ready for university feels compelled to go to university at an institution that is not fit to support them in their development.