Behavioral Economics Lesson Four - Why Are We So Impatient?
Source: Council for Economic Education (EconEdLink) | Type: Lesson
COMPELLING QUESTION: Why do people tend to procrastinate when it comes to doing things that are good for them? Students observe a “mind” that tries to decide whether to exercise or not. They see how discounting can change a person’s intended choices and actual choices. Students learn how present bias can lead to procrastination. After the activity, students apply what they have learned and measure their own level of discounting. Finally, students discuss ways to overcome present bias and procrastination when making important financial decisions like saving for retirement.
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