A theory of haste

We consider a hyperbolic discounting agent. At each period, he can undertake an irreversible consumption decision that yields an uncertain current benefit and a delayed cost. If he decides to defer consumption for the future, some information exogenously flows in. We show that the agent may rationally decide to consume with negative expected net present value (NPV), only to prevent himself from consuming in the future which could be profitable from a future perspective but highly detrimental from the current viewpoint. Comparative statics reveal that the value of information is U-shaped.