Against discount rates

Abstract

Temporal discounting is often used to make comparisons between present and future gains and losses, often leading to a preference for the present. This can create problems, such as making it difficult to save money or to plan for the future, and it also can also lead to inconsistent decision-making and time-inconsistent goals. In addition, using a high discount rate can lead to neglecting highly valuable, but long-term, projects, such as interstellar travel. – AI-generated abstract.