"In this book, the researcher who originally proposed hyperbolic discounting theory presents new findings that confirm its validity and describes implications that undermine our most basic assumptions about how self-control works. Hyperbolic discounting theory has provoked much recent controversy in psychology, economics, and the philosophy of mind. It begins with an experimental finding: People devalue a given future event at different rates, depending on how far away it is. This phenomenon means that our preferences are inherently unstable and entails our present selves being pitted against what we can expect our future selves to want. Although the notion of temporary preferences upsets conventional utility theory, it offers radical solutions to problems that have defeated utility theory: Why do people knowingly participate in addictions, compulsions, and bad habits? What is the nature of will? What makes a will weak or strong? Do we in fact need a concept of will at all? " "This book integrates approaches from experimental psychology, philosophy of mind, microeconomics, and decision science. It will be of interest to philosophers concerned with the mind and action theory. By questioning some of the basic assumptions held by social scientists about rational choice, it should be a resource for professionals and students in psychology, economics, and political science. "--Jacket.