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Behavioural science

The economics of impatience

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In experiments, animals often prefer smaller, immediate rewards over larger rewards that are deferred — thus failing to maximize their total gain. Many people exhibit similar behaviour.

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Figure 1: Ulysses resists the Sirens' call by being bound to the mast of his ship, the ears of his crew having been blocked with beeswax (to see this image view PDF) .

BELLY/ULYSSES AND THE SIRENS/ BRIDGEMAN

Notes

  1. * Nobel Symposium on Experimental and Behavioural Economics, Saltsjöbaden, Sweden, 4–6 December 2001.

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Authors and Affiliations

  1. the Institute for Empirical Research in Economics, University of Zürich, Blümlisalpstrasse 10, Zürich, CH-8006, Switzerland

    Ernst Fehr

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  1. Ernst Fehr
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Correspondence to Ernst Fehr.

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Fehr, E. The economics of impatience. Nature 415, 269–272 (2002). https://doi.org/10.1038/415269a

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