Would you rather receive $1,000 in a year or $1,100 in a year and a month? Most people will opt for the larger sum in thirteen months ─ where else will you find a monthly interest rate of 10 percent. A wise choice, since the interest will compensate you generously for any risks you face by waiting the extra few weeks. Second question: Would you prefer $1,000 today cash on the table or $1,100 in a month? If you think like most people, you'll take the $1,000 right away. This is amazing. In both cases, if you hold out for just a month longer, you get $100 more. In the first case, it's simple enough. You figure: "I've already waited twelve months; what's one more?" Not in the second case. The introduction of "now" causes us to make inconsistent decisions. Science calls this phenomenon hyperbolic discounting. The closer a reward is, the higher our "emotional interest rate" rises and the more we are willing to give up in exchange for it.