People assess future benefits in two ways simultaneously, as if they had two brains, says Harvard economist David I. Laibson. The "impatient" brain, which dominates when we think about immediate gratification, discounts at about 4% per minute, but the "patient" brain, which takes over when we consider much-later benefits, discounts at a slower rate — about 1% per minute. So while an offer of a free massage right now might look a lot better than a free massage in an hour, we'd see little difference in offers of massages at, say, 2pm or 3pm one week from now.Interesting implications if you want consumers to act now. Even moreso if you want people to take a long view, like quitting smoking or saving for retirement.
http://www.physorg.com/news/2010-12-economics-professor-brain-conflict.html
