The psychology of Horizon 2020 budget cuts

Resisting a reduced spend on science in Europe may require decision makers to understand the mechanisms that makes them discount future benefits in return for short-term certainty on cost savings. Is it better to invest money now or save it for a rainy day? A dilemma faced by millions of people in the tough economic climate: invest now for an uncertain return in the long-term future, versus saving it for short-term needs.