If I were to offer you $50 now or $100 in a year, which would you take? Clearly, you’ll take the $50 now. After all, who knows what could happen in a year, right? OK, so what if I instead offered you $50 in five years or $100 in six years? Nothing has changed other than adding a delay, but now it feels just as natural to wait for the $100. After all, you already have to wait a long time. A being of pure logic would think, more is more, and pick the higher amount every time, but you aren’t a being of pure logic. Faced with two possible rewards, you are more likely to take the one that you can
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