In a similar experiment, you can have $100 now or $150 in 2 months. Most people take the $100 now.
In another version, you can have $100 in 10 months, or $150 in 12 months. Most people think “well I will have already waited 10 months, I might as well wait just 2 more months.” Mostly everyone picks waiting 12 months for the $150. After 10 months pass you ask the people again, “Do you want to just give up and take the $100 now, or wait just two more months and get the full $150?” Most will take the $100.
People weigh things differently when the “power of now” is removed from the equation.
In a similar experiment, you can have $100 now or $150 in 2 months. Most people take the $100 now.
In another version, you can have $100 in 10 months, or $150 in 12 months. Most people think “well I will have already waited 10 months, I might as well wait just 2 more months.” Mostly everyone picks waiting 12 months for the $150. After 10 months pass you ask the people again, “Do you want to just give up and take the $100 now, or wait just two more months and get the full $150?” Most will take the $100.
People weigh things differently when the “power of now” is removed from the equation.