I’m not sure if performance-enhancing drug use (at least at the professional level) is a good example of irrationally short planning horizons. I’ll bet Lance Armstrong regrets getting caught, but I’ll also bet he’d have been worse off in the long run (financially, and also fame-wise) if he didn’t use the stuff: it’s not unlikely to have made the difference between “world-famous cyclist in disgrace over a drug scandal” and “peaked at a #5 finish in the 1999 Tour”.
Sure, he lost medals, but that could also be phrased as “bragging rights”, and his cycling career was already over the hill at the time.
I’m not sure if performance-enhancing drug use (at least at the professional level) is a good example of irrationally short planning horizons. I’ll bet Lance Armstrong regrets getting caught, but I’ll also bet he’d have been worse off in the long run (financially, and also fame-wise) if he didn’t use the stuff: it’s not unlikely to have made the difference between “world-famous cyclist in disgrace over a drug scandal” and “peaked at a #5 finish in the 1999 Tour”.
Sure, he lost medals, but that could also be phrased as “bragging rights”, and his cycling career was already over the hill at the time.