When psychologists offer people the choice of $50 today or $100 next year, they tend to pick

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When psychologists offer people the choice of $50 today or $100 next year, they tend to pick the $50 immediately. But when the same people are offered the choice of $50 five years from now or $100 six years from now, they usually pick the $100. Explain how this does not fit into the usual model of intertemporal choice but it does fit into the modified model in the previous paragraph

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