If the birds can expect a larger profit in the future, they foregoe their desire for immediate reward
Wednesday, August 22, 2018 - 14:00
in Psychology & Sociology
An economic decision-making involves weighing up differently beneficial alternatives to maximize profits. This sometimes requires foregoing one's desire for immediate rewards. Not only does one have to control one's own impulses, but also to assess the expected outcomes in order to decide whether waiting is worthwhile.