Suppose a smoker wants to quit smoking. The utility that he gets from smoking a cigarette now

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Suppose a smoker wants to quit smoking. The utility that he gets from smoking a cigarette now is 6 utils but, in the long run, that cigarette will generate undiscounted health problems of 10 utils (e.g., an elevated risk of lung cancer). Use the concept of discounting to explain why impatient smokers may not quit smoking even though the undiscounted net utility of smoking is negative.
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Microeconomics

ISBN: 978-1292079578

Global Edition 1st Edition

Authors: David Laibson, John List

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