Hyperbolic discounting
Etymology
A concept from behavioral economics and psychology, developed notably by George Ainslie from the 1970s onward. The name is mathematical: people discount the future along a hyperbolic curve rather than the smooth exponential one standard economics assumed, which is why our preferences reverse as a reward draws near — the curve is steepest right at the present.
noun · /hy-per-BOL-ik dis-KOWN-ting/
The tendency to value immediate rewards far more than future ones, with the preference for "now" spiking so sharply that we make choices our later selves regret.
What it names
It explains why we take the small reward today over the bigger one next month, and why willpower feels easy in advance but collapses the moment temptation is present.
Example
Signing up for the gym in January and skipping it by February is hyperbolic discounting inside a single membership.
Related idea
Akrasia is the philosophical name for acting against your judgment; hyperbolic discounting is one mechanism that produces it, by overweighting the immediate.