Present bias linked to Allais paradox: Implications for decision-making revealed.
Present bias is like a puzzle in how we make decisions. The way we value things now versus later doesn't always follow the rules we expect. It turns out that a famous problem in decision-making, called the Allais paradox, is connected to another common issue called hyperbolic discounting. This means that when we struggle with choices about time and uncertainty, it's all linked together in our minds.