Hyperbolic Discounting Is Not Lack of Self-Control

Hyperbolic discounting and lack of self-control are different phenomena that share the property of dynamic inconsistency. Despite being different, these two concepts have been extensively conflated and confused in Economics. I review the definitions and properties of both concepts, the neuroscientific evidence behind them, and their evolutionary origins. Based on these, I argue that hyperbolic discounting is a particular type of dynamically inconsistent time preferences, whereas self-control is connected with impulsive behavior that arises from an internality. I discuss the importance of properly differentiating these two concepts, for both positive and normative Economics