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pengvado comments on Rationality versus Short Term Selves - Less Wrong
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If you actually implemented an exponential decay, you would think that it was worthwhile that your past self enjoyed these benefits at the expense of your present self. The inconsistency is if you implement an exponential decay for the future but flat for the past.
The worse I remember something, the less I care about it, so it is something like a reversed exponential curve for the past too.