HYPERBOLIC DISCOUNTING A time inconsistent model of people’s greater valuation of immediate rewards over distant rewards. GEORGE AINSLIE (b. 1944) Psychologist 1974 (Ainsley): An overwhelming preference for sooner, smaller rewards over later, larger rewards was demonstrated with pigeons. More recent studies show that people choose $50 today over $100 in a year. However, when given the same choice shifted in time by five years, they prefer to wait an additional year for the greater reward.