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Choiceology · August 21, 2023 · 30m
The Lure of Now: Present Bias and Delayed Gratification
Why humans systematically prefer smaller rewards now over larger rewards later. Milkman uses the marshmallow test, retirement savings data, and climate change inaction to explain present bias.
Canon
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Milkman argues that the solution to present bias isn't more willpower — it's redesigning the environment so the default behavior serves the future self.
Highlights
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Present bias is the cognitive foundation of procrastination — the future self feels like a stranger
Milkman presents neuroscience showing that when people imagine their future selves, they activate the same brain regions used when thinking about strangers. We sacrifice for ourselves today but not for the 'stranger' we'll be tomorrow.