You know the saying: \u2018Live each day as if it were your last.\u2019 It features at least three times in every lifestyle magazine, and has a slot in every self-help manual\u2019s standard repertoire, too. For such a clever line, it makes you none the wiser. Just imagine what would happen if you followed it to the letter: you would no longer brush your teeth, wash your hair, clean the apartment, turn up for work, pay the bills?. . .?In no time, you would be broke, sick and perhaps even behind bars. And yet, its meaning is inherently noble. It expresses a deep longing, a desire for immediacy. We place huge value on immediacy \u2013 much more than is justifiable. \u2018Enjoy each day to the fullest and don\u2019t worry about tomorrow\u2019 is simply not a smart way to live.<\/p>\n
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 \u2013 where else will you find a monthly interest rate of 10% (or 120% per annum!). A wise choice, since the interest will compensate you generously for any risks you face by waiting the extra few weeks.<\/p>\n
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\u2019ll take the $1,000 straight 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\u2019s simple enough. You figure: \u2018I\u2019ve already waited twelve months; what\u2019s one more?\u2019 Not in the second case. The introduction of \u2018now\u2019 causes us to make inconsistent decisions. Science calls this phenomenon hyperbolic discounting. Put plainly, the closer a reward is, the higher our \u2018emotional interest rate\u2019 rises and the more we are willing to give up in exchange for it.<\/p>\n
The majority of economists have not yet grasped that we respond so subjectively and inconsistently to interest rates. Their models still depend on constant interest rates and are correspondingly questionable.<\/p>\n
Hyperbolic discounting, the fact that immediacy magnetises us, is a remnant of our animal past. Animals will never turn down an instant reward in order to attain more in the future. You can train rats as much as you like; they\u2019re never going to give up a piece of cheese today to get two pieces tomorrow. But wait a minute: don\u2019t squirrels manage to gather food and save it for much later? Yes, but that\u2019s pure instinct and \u2013 verifiably \u2013 has nothing to do with impulse control or learning.<\/p>\n
And what about children? In the 60s, Walter Mischel conducted a famous experiment on delayed gratification. You can find a wonderful video of this on YouTube by typing in \u2018marshmallow experiment\u2019. In it, a group of four-year-olds were each given a marshmallow. They could either eat it straight away or wait a couple of minutes and receive a second. Amazingly, very few children could wait. Even more amazingly, Mischel found that the capacity for delayed gratification is a reliable indicator of future career success. Patience is indeed a virtue.<\/p>\n
The older we get and the more self-control we build up, the more easily we can delay rewards. Instead of twelve months, we happily wait thirteen to take home an additional $100. However, if we are offered an instant reward, the incentive has to be very high for us to postpone the fulfilment. Case in point: the exorbitant interest rates banks charge on credit-card debt and other short-term personal loans, both of which exploit our must-have-now instincts.<\/p>\n
In conclusion: though instantaneous reward is incredibly tempting, hyperbolic discounting is still a flaw. The more power we gain over our impulses, the better we can avoid this trap. The less power we have over our impulses \u2013 for example when we are under the influence of alcohol \u2013 the more susceptible we are. \u2018Live each day as if it were your last\u2019 is a good idea \u2013 once a week.<\/p>\n
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The Art of Clear Thinking <\/strong><\/em> You know the saying: \u2018Live each day as if it were your last.\u2019 It features at least three times in every lifestyle magazine, and has a slot in every self-help manual\u2019s standard repertoire, too. For such a clever line, it makes you none the wiser….<\/p>\n","protected":false},"author":1,"featured_media":24703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73,1],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=900%2C609&ssl=1","rttpg_featured_image_url":{"full":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=900%2C609&ssl=1",900,609,false],"landscape":["https:\/\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg",900,609,false],"portraits":["https:\/\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg",900,609,false],"thumbnail":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=300%2C203&ssl=1",300,203,true],"large":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=900%2C609&ssl=1",900,609,true],"1536x1536":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=900%2C609&ssl=1",900,609,true],"2048x2048":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=900%2C609&ssl=1",900,609,true],"portfolio-square":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=570%2C570&ssl=1",570,570,true],"portfolio-portrait":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=600%2C609&ssl=1",600,609,true],"portfolio-landscape":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=800%2C600&ssl=1",800,600,true],"menu-featured-post":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=345%2C198&ssl=1",345,198,true],"qode-carousel_slider":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=400%2C260&ssl=1",400,260,true],"portfolio_slider":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=500%2C380&ssl=1",500,380,true],"portfolio_masonry_regular":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=500%2C500&ssl=1",500,500,true],"portfolio_masonry_wide":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=900%2C500&ssl=1",900,500,true],"portfolio_masonry_tall":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=500%2C609&ssl=1",500,609,true],"portfolio_masonry_large":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=900%2C609&ssl=1",900,609,true],"portfolio_masonry_with_space":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=700%2C474&ssl=1",700,474,true],"latest_post_boxes":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=539%2C303&ssl=1",539,303,true],"woocommerce_thumbnail":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=300%2C300&ssl=1",300,300,true],"woocommerce_single":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?fit=600%2C406&ssl=1",600,406,true],"woocommerce_gallery_thumbnail":["https:\/\/i0.wp.com\/www.lecturesbureau.gr\/1\/wp-content\/uploads\/2017\/12\/post-1065-1.jpg?resize=100%2C100&ssl=1",100,100,true]},"rttpg_author":{"display_name":"admin","author_link":"https:\/\/www.lecturesbureau.gr\/1\/author\/admin\/"},"rttpg_comment":0,"rttpg_category":"Philosophy<\/a> Uncategorized<\/a>","rttpg_excerpt":"You know the saying: \u2018Live each day as if it were your last.\u2019 It features at least three times in every lifestyle magazine, and has a slot in every self-help manual\u2019s standard repertoire, too. For such a clever line, it makes you none the wiser....","_links":{"self":[{"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/posts\/24893"}],"collection":[{"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/comments?post=24893"}],"version-history":[{"count":2,"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/posts\/24893\/revisions"}],"predecessor-version":[{"id":39342,"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/posts\/24893\/revisions\/39342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/media\/24703"}],"wp:attachment":[{"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/media?parent=24893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/categories?post=24893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lecturesbureau.gr\/1\/wp-json\/wp\/v2\/tags?post=24893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nRolf Dobelli<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"