Concretely, an hour taken from 18 months (notional “time to vaccine”) away at a monthly discount rate of say 1% is worth 0.8345 hours now or 50min. But taken from 20 years or 240 months away, 0.0896 hours now or about 5 minutes.
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When you waste an hour the work deferred still retains 99% of its value, but the hour substituted from the low value tail of “life” expectancy can range from 5 minutes to 50. You’re only really wasting 5 minutes of life by procrastinating an hour in some sense. So you can relax.
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Heavily discounted future is foreshortened future. Uncertainty drives up unconscious mental discounting. But discounting below a threshold makes us act as though that hour won’t be available at all. Our future past that becomes dead to us. We can’t manage that time.
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This is a non-hedonistic response to a sense of foreshortened future. I’m not a hedonist but I suspect hedonists at some level of foreshortening begin frenzied partying. “Last meal” effect.
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So, finance is based on discounting. 100$ today gets you 10$ interest tommorow. So 110$ tommorow is worth 100$ today (discounted) Net present value is sort of your profit. You take the discounted cash flows (tommorow money in today money. Often abbriviated DCF)...
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When I'm in time wasting mode my perception of time is that it's moving slower. If it feels slower, the amount available feels higher, so its value goes down, making it easier to waste more...?
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