Intertemporal choice

We face a myriad of choices 24/7. The first might arise early in the morning: Should I hit the snooze button for a few extra minutes of sleep, or get up on time to set out for a productive day working on a book chapter? Later, I might have to decide whether to spend my money on that new fancy gadget or put it into my savings plan, and in the evening, I might have to consider whether small immediate 'pleasures' like smoking or feasting outweigh the greater long-term benefits of good health. Decisions that involve outcomes at different points in time are referred to as inter-temporal choices. Some of these decisions may turn out to be irrelevant, while others may significantly shape our future. Even when the outcomes of our choices are uncertain, our inter-temporal decision-making tendencies, whether long or short term, can significantly affect our lives over time.