Example Hyperbolic discounting — A good example of this: a study showed that when making food choices for the coming week, 74% of participants chose fruit, whereas when the food choice was for the current day, 70% chose chocolate. Also known as current moment bias, present-bias, and related to Dynamic inconsistency.
117114 Decision-making and behavioral biases
Often we are faced with situations where our intuition misguides us. Cognitive biases are systematic patterns of deviation from norm or rationality in judgment. Many of these biases affect belief formation, business and economic decisions, and human behavior in general.