Tim Mort

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This requires a complete inversion of a behavioral pattern known as time inconsistency (and generally expressed mathematically with a hyperbolic discounting model). This pattern, present in all of us and distorted to extreme and even dangerous levels in the cases of addictions, is to be impatient now, all the while holding fast to the self-delusion of being able to be patient later. (And, of course, when later becomes now, we are just as impatient.) We expect to act very differently through time than we actually do, predictably throwing a wrench in our best-laid plans, especially the more ...more
The Dao of Capital: Austrian Investing in a Distorted World
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