Hyperbolic discounting, despite its reputation for being super-short-term and irrational, is actually better in this context, and doesn’t run into the same absurd “value an extra meal in 10,000 years more than a thriving civilization in 20,000 years” problems of exponential discounting.
Here is a nice blog post arguing that hyperbolic discounting is actually more rational than exponential: hyperbolic discounting is what you get when you have uncertainty over what the correct discount rate should be.
Hyperbolic discounting, despite its reputation for being super-short-term and irrational, is actually better in this context, and doesn’t run into the same absurd “value an extra meal in 10,000 years more than a thriving civilization in 20,000 years” problems of exponential discounting.
Here is a nice blog post arguing that hyperbolic discounting is actually more rational than exponential: hyperbolic discounting is what you get when you have uncertainty over what the correct discount rate should be.