This is how Laibson explains his procrastination

This is how Laibson explains his procrastination: He can exercise today (his effort cost is -6) to gain delayed health bene-fits (for him a future value of +8). The net benefit of exercising today for someone with his present bias is (-6 + ½ [8] = -2). In this equation, the future value of +8 was halved because of the automatic discounting of the future, making -2 the net benefit of his exercising today. In contrast, exercising tomorrow has a delayed effort cost of -6 and a delayed benefit of +8, both of which are halved because they are in the future (1½ [-6 +8] = +1). For Laibson the resulting net value for putting off going to the gym is +1, which is better than the -2 net value for exercis-ing today.

— from Time

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