Hyperbolic discounting

₹100 today beats ₹110 next week. But ₹100 in a year versus ₹110 in a year and a week, suddenly you wait. Same gap, different feeling.

Definition

A pattern in which people prefer smaller immediate rewards over larger delayed ones, with the preference reversing as the delay shortens.

Step 1

Predict first

In one or two sentences, what do you think this concept means? Wrong is fine; the small struggle is what makes the answer stick.