Delay discounting is something that can be see almost every day. Ever wanted to buy something so bad but lost interest when you realized that it would take a few weeks for it to be shipped out? That is the power of delay discounting, the longer we have to wait for something the less value it has.
Thursday, August 5, 2021
Some companies have taken advantage of this in the human mind. Companies such as Amazon and Target with their two day shipping are drawing more and more people in by having that available. Sometimes, the customers do not even care if the prices are a bit higher than the other companies with the longer shipping time. As humans, most of us do not like to wait. The things that we are able to get right away are more pleasing and rewarding to us than those we actually have to wait for, even if we know it would be more rewarding than the instant reward.