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Nature 415, 269-272 (17 January 2002) | doi:10.1038/415269a
Behavioural science: The economics of impatience
Ernst Fehr
Abstract
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.
The irresistible cravings of addicts provide an extreme example of short-term behaviour with adverse long-term consequences. The field of study known as experimental and behavioural economics indicates, however, that some of the principles that underpin addictive behaviour are quite common and can help us to understand human behaviour more generally.
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