Hyperbolic discounting

Hyperbolic discounting is when someone values something more when they can get it right away, even though it may be worth less than if they wait. For example, if you were given the choice between $10 today or $20 next week, you would probably take the $10 right away because it is more appealing in the moment. However, if you were given the choice between $10 in a year or $20 in a year and a half, you would likely choose the $20, even though it is farther away in the future.