Bardonomics

What economics can teach us about procrastination.  You slouch back in your chair, scrolling aimlessly through your Facebook newsfeed. Another fascinating Buzzfeed post screams for your attention, “32 Pictures That Will Give You Intense Elementary School Flashbacks.” There’s an important exam in two weeks. But you can study for that tomorrow. For the tenth day in a row, you promise yourself that tomorrow won’t be as unproductive as today. But of course, 13 days later, you realize that you’ve done almost nothing for the exam that’s now a night away. In a panicky burst of productivity, you cram in as much review as possible.  Why do we procrastinate? Even as we watch one TV show episode after another, we know that it is far more beneficial to work on that essay due next week—yet we can’t gather the motivation to do anything. A branch of economics known as behavioral economics may have an explanation for this conundrum, it’s called hyperbolic discounting.  Although the te