Hyperbolic Discounting

A cognitive bias in which people value things that they can get NOW more than things of greater value they might get in the future. This is because at a deep emotional level, driven by the limbic system, we seek immediate gain to give us instant gratification. Rational evaluation of longer-term gains on the other hand, involves the frontal cortex. If there is a battle between our emotional tendencies and rationality, our emotions usually win.