In class, we established that people make decisions that produce the most benefits. However, sometimes people value quick pleasure over something that, if the long-running benefits were considered, would not be worth the cost. For example, sometimes you do not want to get out of bed, so you sleep longer. All of a sudden, you are still tired and have a lot of stress while you try to get to school on time. You maybe knew that it was a bad idea, but you did it anyway, rather than face the displeasure of tiredness and get to relax because you can get to school with time to spare. Is there some word for this irrational inefficiency, where you know a decision is bad but do it anyway and exactly what you knew would happen happens?
Let's put it this way, to past you (who slept in) the costs outweighed the benefits - primarily because future you is the one paying those costs.