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Behavioural science

The economics of impatience

Nature volume 415, pages 269–272 (2002)Cite this article

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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Figure 1: Ulysses resists the Sirens' call by being bound to the mast of his ship, the ears of his crew having been blocked with beeswax (to see this image view PDF) .

BELLY/ULYSSES AND THE SIRENS/ BRIDGEMAN

Notes

  1. * Nobel Symposium on Experimental and Behavioural Economics, Saltsjöbaden, Sweden, 4–6 December 2001.

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  1. the Institute for Empirical Research in Economics, University of Zürich, Blümlisalpstrasse 10, Zürich, CH-8006, Switzerland

    Ernst Fehr

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  1. Ernst Fehr
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Correspondence to Ernst Fehr.

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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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