Time inconsistency theory

Time inconsistency theory explains why people's preferences or decisions can change over time, especially when immediate rewards outweigh future benefits. For example, someone might plan to save money for the future but then spend impulsively when faced with immediate temptations. This inconsistency occurs because our preferences shift as the present becomes more influential, making long-term goals harder to stick to. Essentially, it highlights the challenge of maintaining consistent choices over time due to changing motivations and interests, often requiring external commitments or strategies to stay aligned with our initial intentions.