Comment on the following: "Present-biased people are impatient, but impatient people don't necessarily have to be present-biased."
What will be an ideal response?
Present-biased people are impatient in the sense that they discount the future more heavily when evaluating it relative to the present. But it's possible to be impatient without being present biased. Impatience simply means discounting the future a lot -- but present bias means discounting the future a lot only when evaluated relative to the present (and not when future periods are evaluated relative to one another). Present-bias therefore introduces a time-inconsistent kind of impatience -- the kind where one planed to be patient in the future but just not yet.
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