The Intertemporal behaviour: classical and alternative delay discounting models and control techniques

Hyperbolic discounting refers to the tendency for people to increasingly choose a smaller-sooner reward as a delay occurs sooner rather than later in time. When offered a larger reward in exchange for waiting a set amount of time, people act less impulsively (i.e. choose to wait) as the rewards happen further in the future. Put another way, people to avoid waiting more as the wait nears the present time