Time discounting is an economic concept which can be illustrated in this simple question: would you rather get $1 now than get $1 next year? Most of us will choose to get $1 now because $1 next year is worth less than $1 today, assuming there is no inflation. This is time discounting. Everything in future is worth less than things now (except for wines and antiques, for sure).
The financial interpretation of time discounting can be generalized to other dimensions. For example, one year of life now is worth more than one year of life ten years after, even after you take account of aging effect. Time discounting is an important parameter in calculating quality of life measurement.
Time discounting is also relevant in evaluating behavioral problems. For example, if one view future life is worth less than today’s life, he may indulge himself in many risky behaviors such as smoking, drinking, or even snuffing drugs. Thus, it is conceivable that if people discount their future lives more than other people do, they may choose to ignore their weight problem and to eat more and exercise less.
However, a heavy body will increase the risk of developing cardiovascular diseases, diabetes, and cancers such as breast cancer. Weight loss has been consistently related to better future health status. Then why do people ignore future health benefit of weight loss?
For those who are in low socioeconomic status, it is understandable that they have no perceivable bright future. Remaining alive is a torture for them, nothing joyful. For them, putting on extra pounds of weight is nothing compared with the immediate problems they are facing every day.
The real puzzle lies in many middle class people. Since they have a predictable future and their future health is no less important that current one, why do their weights increase significantly too?
One possibility is that some people don’t know how to manage the discounting issue. They don’t know how to value their future health. Time discounting, though is an economic concept, is more like a psychological one. Many people can not perceive the time discount quantitatively. Therefore, they are not able to compare different time discounting among different assets.
One the other hand, some studies have examined the relationship between time discounting and body weight. They found that time discounting is related to body weight between individuals, but its effect on body weight change within individuals is very small. Therefore, people may live hedonically because the environment allows them.
Indeed, given the calorie laden environment, people are lured to all sorts of foods and convenience. Pre-packed foods, snacks, and ready-to-eat lunches fill the shelves in any grocery store. The stores are usually designed in a way that you have to pass through those junk foods before you reach the healthy foods and checkout at cashiers. Fast food chains are also so conveniently located along side the roads that you can just drive through and grab some foods in less than 3 minutes. Eating becomes an obligation rather than a necessity.
Understanding a concept is one thing, but changing the behavior is another. How can we use time discounting to change us?