Time Inconsistency - Deepstash

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.

777

1.32K reads

CURATED FROM

IDEAS CURATED BY

franciscoaw

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

The idea is part of this collection:

How to properly read a book

Learn more about personaldevelopment with this collection

How to synthesize information from multiple books

How to analyze a book

How to set reading goals

Related collections

Similar ideas to Time Inconsistency

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...

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

100+ Learning Journeys

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates