preferences over current and future choices.

Consider, for example, the following question:
*(a) Which do you prefer, to be given 500 dollars today or 505 dollars tomorrow?
*(b) Which do you prefer, to be given 500 dollars 365 days from now or 505 dollars 366 days from now?When this question is asked, to be time-consistent, one must make the same choice for (b) as for (a). According to George Loewenstein and Drazen Prelec, however, people are