How evolution might explain impatience
Nobody likes to wait, and we are willing to pay to avoid it. Expedited shipping, fast food and video streaming are all profitable because they reduce or eliminate that wait. You can test this by asking a group of people to choose between receiving £100 now or £110 in a year. Research shows a significant majority will choose the £100. But why do many people choose not to wait, when it seems obvious that they would be better off doing so? Sometimes this impatience is just put down to irrationality, impulsivity or short-sightedness, but there is also a long tradition in psychology and economics that views impatience as, at least in part, a rational response to the world. Perhaps the world of today, or perhaps the world in which we evolved. Recent research proposes that our evolutionary history shaped our impatience, and uses mathematical models to show how it works. The key idea is this. Imagine a large population of identical people who can choose between enjoying an early reward, or a larger reward later …