Another manifestation of time inconsistency is to buy what we want today (alcohol, sugary or fatty foods, trinkets) but to plan on spending money in more responsible ways tomorrow (school fees, bed nets, roof repairs). In other words, the things we take pride or pleasure in imagining buying in the future are not always what we end up buying today. Knowing that we will have one drink too many again tomorrow gives most of us no pleasure—indeed, it probably makes us unhappy—yet when tomorrow comes along many of us cannot resist it. Alcohol, in this sense, is a temptation good for many people,
...more
