Being a cheapskate: is it just an obesssion or a profitable mindset?
Intertemporal choice is one of the foundational models in economic theory. It sets the human lifetime in just two periods – today and tomorrow – to evaluate how people make choices over time. Generally, an individual can prefer to save money today and spend more tomorrow, or borrow today and spend less tomorrow. Quite often, there is a present bias in our personal choices – many people prefer instant gratification, which can be empirically proven by the excessive credit card debt in America or the low levels of retirement savings present globally. ….[READ]
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