The single fact that I value a candy today slightly more than I value a candy tomorrow doesn’t make my utility function inconsistent (AFAIK), so it’s not a bias.
In practice, temporal discounting usually arises “naturally” in any case, because we tend to be less sure of events further in the future and so their expected utility is lower.
The single fact that I value a candy today slightly more than I value a candy tomorrow doesn’t make my utility function inconsistent (AFAIK), so it’s not a bias.
In practice, temporal discounting usually arises “naturally” in any case, because we tend to be less sure of events further in the future and so their expected utility is lower.