Do you ever find yourself wanting something right now, rather than waiting for a larger reward later on? This is called hyperbolic discounting, and it's a cognitive bias that affects your decisions even if you are not aware of it.

Hyperbolic discounting is due to the way our brains process information; we value immediate gratification more than long-term benefits. As a result, we often make choices that are not in our best interest in the long run.

The impact of hyperbolic discounting can be seen in many areas of life, including personal finances, health, and relationships.

For example, people who are affected by hyperbolic discounting are more likely to spend money impulsively, make impulsive decisions that can lead to unhealthy habits like smoking or overeating, and have difficulty delaying gratification in relationships.

Fortunately, there are ways to avoid hyperbolic discounting. By becoming aware of the bias and its impact, you can make more deliberate, informed decisions that are in your best interest in the long run.

First, you can use a technique called mental contrasting. This involves picturing your future self in detail, then imagining the best and worst possible outcomes of your decision. This will help you to weigh the pros and cons of your choices more objectively.

Second, you can make a commitment to yourself to wait a certain amount of time before acting on your impulse. This is called pre-commitment, and it can help you delay gratification and make better choices.

Hyperbolic discounting is a cognitive bias that can have a significant impact on your life. However, by understanding the bias and using techniques to avoid it, you can make better choices that are in your best interest in the long run.