One consequence of Indian Railways' presentbias, according to a rough calculation by the World Bank, is that freight tariffs could be reduced by more than 40% if its social burdens were paid directly by the user or the government.
His Lordship has also done what he can to reassure the Tories, who are set against change, that his plan will in fact remove the present system's bias against them.
Workers know logically that they need to save more for retirement, but they struggle to forgo present consumption, owing to lack of self-control, an emotional bias.