For some people, the future is a foreign country, populated by strangers. Many of us procrastinate and fail to take steps that would impose small-term costs but produce large long-term gains. People may, for example, delay enrolling in a retirement plan, starting to diet or exercise, ceasing to smoke, going to the doctor, or use some valuable cost-saving technology.
'Present bias' can ensure serious long-term harm, including not merely economic losses but illness and premature death as well.
