Hyperbolic Discounting
Hyperbolic Discounting is the tendency to prefer smaller immediate rewards over larger delayed rewards, with this preference reversing as the delay lengthens — giving disproportionately high weight to the present relative to the near future, but nearly equal weight to the near and far future. It explains why people fail to save for retirement, procrastinate on valuable long-term projects, and make promises about future behaviour they then break when the future arrives.