Hyperbolic discounting may sound like a super-charged holiday sales technique, but in reality, it’s a phenomenon that leaves us vulnerable to making poor impulse choices and sabotaging our goals.  Here’s what it is, and seven ways to turn this dangerous penchant into a tool to help us make smart decisions. 

Notes and Resources:

• Prefer to read?  Here’s the full post:  Hyperbolic Discounting and 7 Ways to Prevent Self-Sabotage
• For more of the fascinating research behind this concept see The Economics of Immediate Gratification by Ted O’Donoghue and Matthew Rabin
• Here’s reference to the 2016 study that demonstrated the “Priming” was an effective way to reduce cognitive bias.
• Here’s the link to my Goal-Setting Mastery Course that will help you not only set good goals, but stay on track long enough to attain them.  The first several videos are free.
   

Quotable: 

“Naughty goods are sold in small packages.”  - Marketing dictum

“We are tempted to over-value options that that put things in our hands in the near-term, even though we know we’ll end up paying a greater cost down the road.”  - Ken Downer

“Since we know that our future selves are smarter about these kinds of things, we can imagine the person we want to be five years from now, and get their thoughts on what choice to make today.”  - Ken Downer

Related posts: 

Type 2 Fun: The Secret to Achieving Your Goals

Bridging the Gap to Your Goals: Building a Span That Lasts

Master the Habit Cycle and Achieve Your Goals– features a short video on how to make smart choices happen automatically.

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