Today, we are getting back to our behavioral economics foundations episodes to discuss time discounting. I hope you enjoyed the last three episodes in our series on all the biases, where I told you about memory biases, our biases toward the future and how that impacts our decisions today, and how our selective attention and focus can color our decisions.
Time discounting is one of my favorite concepts. I recently did a research project centered around the concept of time discounting and saving money, and there is a white paper about it coming out this summer. Time discounting is the basis behind a lot of the future versus present biases which I talk about in Episode 49. In this episode, we will learn all about time discounting and why I love it so much. I tell people to think of time discounting as the “I’ll start Monday effect.” In this episode, you’ll learn why.
