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Why Is a $100 Benefit Available in Five Years from Now

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Short Answer

Why is a $100 benefit available in five years from now more valuable than a $100 benefit available ten years from now? (Assume that both are absolutely assured.)


Definitions:

Mental Representations

Internal cognitive symbols that represent external reality, which are used in the process of thinking and understanding the world.

Violation-of-Expectation

A method used in developmental psychology research to study infants' understanding of physical and social world by evaluating their reactions to surprising or unexpected events.

Stimulus

Something that causes a response in an organism, sensory system, or psychological process.

Physical Laws

The fundamental principles that describe the forces and properties of nature, governing the behavior of the physical universe.

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