Exercise has benefit today of -7. Exercise has delayed benefit of 9.

a.

Do you prefer exercise today or exercise tomorrow?

b.

Explain using a quasi-hyperbolic discount function where beta=1/2 and delta=1.

c.

What can you say about the preferences about the agent?

d.

How the outcome would change if you are a sophisticated person.

e.

Suggest a commitment device which restricts your own set of choices in the future.