The term "delay discounting" is a concept from psychology and economics. This phenomenon describes how people tend to discount the value of rewards or consequences that lie in the future compared to immediate rewards or consequences. In other words, it's about how we tend to favour smaller immediate rewards over larger long-term benefits, even if those long-term benefits are greater overall.

This behaviour can be observed in various areas of our lives, from financial decisions to our approach to health and well-being. People who are subject to severe delay discounting tend to act more impulsively and prioritise short-term gratification over long-term goals. This can lead to long-term financial difficulties, health problems and other challenges.

In psychology, experiments are conducted to measure delay discounting, in which subjects are given the choice between an immediate reward and a larger but delayed reward. The results of such experiments provide insights into the individual's ability to tolerate delays in the reward.

However, there are also ways to reduce the influence of delay discounting. This can be achieved by developing self-control and long-term planning. Strategies such as setting long-term goals, creating budgets and developing reward systems for achieving these goals can help to reduce impulsive behaviour.

In business, the concept of delay discounting plays an important role in investment decisions and the evaluation of long-term projects. Companies and investors need to consider how future revenues and costs are assessed in relation to current values in order to make informed decisions.

In summary, delay discounting is a significant concept that influences our behaviour in many aspects of life. Understanding this phenomenon can help us make better decisions and pursue long-term goals more effectively. It shows how important it is to find the balance between short-term gratification and long-term success.