Time inconsistency

My economics class is teaching me about why we make the decisions we make (or at least why economists think we do). One of the big things right now is time inconsistency. Essentially the idea is that our time in the moment is worth more than our time in the future. So, we procrastinate.

But, I want to know how we determine this value. In economics everything hinges upon the assumption that people are acting rationally, but doesn’t it seem rational that we would understand that at some point future time will be present time and thus not procrastinate?

This is why I don’t think I’m very rational. Yesterday I said I’d study today and today I’m watching Riverdale on Netflix like I don’t have two exams tomorrow.

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