Most people try to avoid procrastination. However, I’m pretty sure that everyone has fallen into this pit, at least once. Of course, putting off things has its benefits from time to time (1). Some even think that procrastination is the fuel of creativity (2). Apparently Steve Job’s success is attributed to his procrastination skills! (3). However, if creativity is not needed to fulfil a task, which is generally the case, then procrastination ends in regret and sometimes even in severe welfare losses (4). But, why do we procrastinate if we know that the costs in the long run are generally higher?