Hyperbolic discounting

A cognitive bias that describes the human tendency to heavily prefer short-term rewards.

According to hyperbolic discounting, valuations fall relatively rapidly for earlier delay periods (as in, from now to one week), but then fall more slowly for longer delay periods (for instance, more than a few days).

This contrasts with exponential discounting, in which valuation falls by a constant factor per unit delay and the discount rate stays the same.