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BIAS OF THE WEEK

Hyperbolic Discounting

In an experiment, researchers gave participants the choice between $100 today or $120 in one week, most chose $100.

However, when same amounts were offered with a delay of 1 year and 1 year plus 1 week, most of the participants chose $120 in 1 year and 1 week.

We tend to value things exponentially more the closer they are to the present

See the full study here :

Green, L., Fry, A. F., & Myerson, J. (1994). Discounting of delayed rewards: A life-span comparison. Psychological science, 5(1), 33-36.