Sunday, May 2, 2010

Human nature: "hyperbolic discounting"

From: Patient adherence to drugs is low and what doctors can do
Shantanu Nundy, guest blogger on kevinmd.com

"We tend to place greater value on today than tomorrow. This practice of “discounting” actually makes economic sense and is the basis for a large segment of the financial industry. However, in general we tend to discount the future more than we should – a phenomenon called “hyperbolic discounting.” Because we place undue emphasis on today compared to tomorrow, we are even less likely to take a medication that does little for us today for the sake of future benefit."

"For example, for hypertension, by encouraging people to track the change in their blood pressure daily or weekly, we can help them better relate the act of taking their medication each day to its long-term beneficial effects."

Original post here

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