For example, if I gave you a $200 check postdated a couple of months from now and then tried to buy it back for $100 today, would you accept the deal? Probably not. What if I gave you $100 now and tried to buy it back with the $200 postdated check? Would you make that deal? Again, probably not. Why is that? Simple: we don’t want to lose something we have, even if we’re going to gain something of greater value later. It’s just human nature, and it’s why we tend to gravitate toward choosing smaller, immediate rewards over larger, delayed ones. When you’re hovering over it, a doughnut now sure
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