Quote by Andrew W. Lo

“Not surprisingly, the father if market efficiency, Gene Farma, has a very clever way to avoid the pitfalls of hyperbolic discounting. When he's invited to talk or engage in sone business activity, he has a . simple rule for deciding whether to accept: no matter how far in the future it's scheduled, he ask himself whether it's something he would want to do if the event were next week; if the answer is yes, he accepts, otherwise, he politely declines. This simple rule of thumb ensures that he uses the same discount rate across all decision horizons.”

Quote by Andrew W. Lo