In experiments, animals often prefer smaller, immediate rewards over larger rewards that are deferred — thus failing to maximize their total gain. Many people exhibit similar behaviour.
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Notes
* Nobel Symposium on Experimental and Behavioural Economics, Saltsjöbaden, Sweden, 4–6 December 2001.
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Fehr, E. The economics of impatience. Nature 415, 269–272 (2002). https://doi.org/10.1038/415269a
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DOI: https://doi.org/10.1038/415269a