The article explores how people make decisions about receiving payments in the future. The researchers suggest a new model where decision makers aim to maximize the growth rate of their wealth. This model can explain different ways people discount future payments, including no discounting, exponential discounting, hyperbolic discounting, and a mix of exponential and hyperbolic discounting. Some of these forms of discounting can even lead to preference reversal. The model does not rely on assumptions of behavioral bias or payment risk.