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Time-Inconsistent Behavior

Time-Inconsistent Behavior
Mises Wire Jeffrey A. Tucker
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How Much Does it Cost Not to Go to the Gym? (NYTimes): “Economists describe this as ‘time-inconsistent behavior.’ When the benefits of an action are far in the future and the costs are immediate, people do not give the benefits much weight. Tomorrow’s buff body loses out to the dread of today’s workout, and a reduced risk of cancer is obscured by the pleasure of a cigarette. When the costs are in the future and the benefits immediate, as when the purchase of a new BlackBerry requires only the flick of a credit card, the benefits eclipse the costs.” Posted by Jeffrey Tucker

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