IDEA #58
A bird in the hand is worth two in the bush
How we evaluate decisions varies according to timescales.
What you need to know
Consider the following: would you rather receive £10 now or £12 in a year’s time? Now consider this issue: you have a big work presentation tomorrow that you’re nervous about and would happily delay, but when asked if you’d like to delay it a month ago, you said no. Both these scenarios are common examples of quirks in how we make decisions. The first example elucidates the issue of ‘intertemporal choice’ – how we value something at different points in time. The second example covers ‘time inconsistency’ ...
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