The economics of impatience (original) (raw)

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• Published: 17 January 2002

Behavioural science

Nature volume 415, pages 269–272 (2002) Cite this article

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In experiments, animals often prefer smaller, immediate rewards over larger rewards that are deferred — thus failing to maximize their total gain. Many people exhibit similar behaviour.

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Figure 1: Ulysses resists the Sirens' call by being bound to the mast of his ship, the ears of his crew having been blocked with beeswax (to see this image view PDF) .

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BELLY/ULYSSES AND THE SIRENS/ BRIDGEMAN

Notes

1. * Nobel Symposium on Experimental and Behavioural Economics, Saltsjöbaden, Sweden, 4–6 December 2001.

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Authors and Affiliations

1. the Institute for Empirical Research in Economics, University of Zürich, Blümlisalpstrasse 10, Zürich, CH-8006, Switzerland
   Ernst Fehr

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Correspondence toErnst Fehr.

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Fehr, E. The economics of impatience.Nature 415, 269–272 (2002). https://doi.org/10.1038/415269a

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• Issue date: 17 January 2002
• DOI: https://doi.org/10.1038/415269a

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