Time Inconsistency - Deepstash
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Time Inconsistency

It refers to our tendency to choose immediate rewards over future rewards. It's why we make plans, but don't take action.

When we make plans, we are actually making plans for our future selves. But when the time comes to make a decision, we are in the moment and our brain is thinking about the present self.

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Beating Procrastination

  • Design your future actions, using a commitment device (a choice you make in the present that controls your actions in the future). 
  • Reduce the friction of starting. Once you begin, it's often less painful to do the work. Make the beginning easy.
  • Utilize imple...

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“On a moment-to-moment basis, being in the middle of doing the work is usually less painful than being in the middle of procrastinating.”

ELIEZER YUDKOWSKY

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The Akrasia Effect

Akrasia happens when you do one thing even though you know you should do something else.

It's what prevents you from following through on what you set out to do. It could be translated into procrastination or a lack of self-control.

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Delayed Gratification and Success

The ability to delay gratification is a great predictor of success in life.

If you really understand how to resist the attraction of instant gratification, you'll be able to bridge the gap between where you are and where you want to be.

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CURATED FROM

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franciscoaw

Life goes by fast. I learn about how to make most of it.

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Other curated ideas on this topic:

Time inconsistency

Time inconsistency

When we think about the future we want to make choices that lead to long-term benefits (“Yes, I'll save more!”), but when we think about today, we want to make choices that lead to short-term. immediate benefits (“I'll spend it right now.”). ...

Your future self in decision-making situations

We all like to feel good about ourselves in the moment, even if it interferes with our long-term goals.

But instead of letting our present self make the decision, we need to bring our future self into the decision-making process to help us think about the future consequences.

Why we can’t accurately predict our needs

  • Projection bias can occur because we don’t realize how much exogenous factors — things that happen outside of our control — can influence our decision-making.
  • Overestimating impact. When we are faced with significant life events, lik...

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