Hyperbolic Discounting Bias
If I asked my son to stop watching TV and gave him two options :
Option 1 : Stop watching TV for an hour for a reward of 1 chocolate
Option 2 : Stop watching TV for a whole day for 5 chocolates
He usually would choose Option 1 because, first off,he is not eager to wait the whole day and secondly, I think, he might not think the incentives are good enough. He is not that patient and this behaviour is called Hyperbolic discounting.
Hyperbolic discounting refers to the tendency for people to increasingly choose a smaller-sooner reward over a larger-later reward as the delay occurs sooner rather than later in time.