The beta^t factor is exponential time discount. G cares about all instants of time, but it cares about future instants less. Indeed, without this factor the sum over time would diverge. Thus, changing beta amounts to shifting the trade-off between short-term and long-term optimization (although in the multiverse setup the effect is not very strong—see “time discount” section).
Thx for commenting!
The beta^t factor is exponential time discount. G cares about all instants of time, but it cares about future instants less. Indeed, without this factor the sum over time would diverge. Thus, changing beta amounts to shifting the trade-off between short-term and long-term optimization (although in the multiverse setup the effect is not very strong—see “time discount” section).