Estimating and decision making for Design projects and Cognitive Bias of Hyperbolic Discounting
نویسنده
چکیده
Human beings are conditioned and designed by society to relate high degree of uncertainty to future. Several behavioral studies have demonstrated that the phenomenon of attaching hazard rate to future events is consistent across habits related to food, drugs, exercising, impulsive shopping and saving money. A person, when planning for long term would think about health and monetary benefits arising out of all of these. But when faced with a choice would prefer to procrastinate. There is sufficient evidence for the fact that humans and animals tend to be more impatient when dealing with reward nearer in time than one due further in future. This phenomenon is called as Hyperbolic Discounting. This paper explores the hyperbolic discounting as a cognitive bias.
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