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A model of time preference in which the value assigned to a delayed outcome falls sharply at short delays and more gradually at longer delays.

noun phrase

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hyperbolic discounting

The exercise uses hyperbolic discounting to explore why a preference may change as a reward draws nearer.
Dictionary practice example.
A separate hyperbolic discounting model showed a sharper fall over short delays and a more gradual fall over longer ones.
From What a Later Reward Is Worth.
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