Hyperbolic Discounting

In personal situations, most people discount the future implicitly at relatively high discount rates. And they do so in a manner that is not actually fixed over time, which is called hyperbolic discounting. In other words, people really, really value instant gratification over delayed gratification, and this preference plays a central role in procrastination, along with other areas of life where people struggle with self-control, such as dieting, addiction, etc.