Indeed, there is nothing irrational (in an epistemic way) about having hyperbolic time preference. However, this means that a classical decision algorithm is not conducive to achieving long term goals.
One way around this problem is to use TDT, another way is to modify your preferences to be geometric.
A geometric time preference is a bit like a moral preference… it’s a para-preference. Not something you want in the first place, but something you benefit from wanting when interacting with other agents (including your future self).
Indeed, there is nothing irrational (in an epistemic way) about having hyperbolic time preference. However, this means that a classical decision algorithm is not conducive to achieving long term goals.
One way around this problem is to use TDT, another way is to modify your preferences to be geometric.
A geometric time preference is a bit like a moral preference… it’s a para-preference. Not something you want in the first place, but something you benefit from wanting when interacting with other agents (including your future self).