Intertemporal choice refers to the decisions individuals make regarding trade-offs between costs and benefits occurring at different times. It often involves choosing between smaller, immediate rewards and larger, delayed rewards. This concept is crucial in understanding behaviors related to savings, consumption, and investment. The theory of intertemporal choice is linked to behavioral economics and psychology, as it explores how people value future outcomes compared to present ones. Factors such as discount rates, self-control, and future planning play significant roles in shaping these decisions, influencing everything from personal finance to health-related behaviors.