Unlocking the Secret to Overcoming Present Bias in Decision Making
Consumers' perception of time affects how they make decisions about future outcomes. People are not very good at judging how long things will take, which can lead to impulsive decision-making. This can explain why we tend to prioritize immediate rewards over long-term benefits. When we are reminded of time passing, we become more patient and make better choices. This research shows that our subjective sense of time plays a big role in how we value future rewards.