"...irrelevant information or unavailable options often cause people to make bad choices. When both elements are present, the probability of a poor decision is even greater."—Chadd, I., Filiz-Ozbay, E. & Ozbay, E.Y. "The relevance of irrelevant information." Experimental Economics. November 11, 2020. https://doi.org/10.1007/s10683-020-09687-3 Determining what is possible and the relevant information between choices is key … Continue reading Decide to K.I.S.S.
Tag: decisions
Double or Nothing
"I often like to think in terms of these three options when I have a big decision to make.I can call. I can maintain the status quo and keep my energy investment the same as before. I can raise. I can escalate the situation and put more energy into it. Or I can fold by … Continue reading Double or Nothing
The Fourth Option
We always have three options. You can change it.You can accept it.You can leave it. But, there's a fourth option. 4. You can experience it. Is experiencing something the same as accepting it? It isn't. The world is not static. Change is a constant. And, we are too busy reacting - choosing change, acceptance or … Continue reading The Fourth Option
One and One Sometimes Equals Eleven
We often make assumptions that are reasonable in one context, abstract it into a guideline and apply that guideline to a new situation. Often, it is difficult to assess whether these situations are close enough to apply what we know to what we don't. At base, this is the problem of induction. There is no … Continue reading One and One Sometimes Equals Eleven
How Not to Be Stupid
"...stupidity is the cost of intelligence operating in a complex environment...[Stupidity:] overlooking or dismissing conspicuously crucial information...When it comes to overloading our cognitive brains, the seven factors are: being outside of your circle of competence, stress, rushing or urgency, fixation on an outcome, information overload, and being in the presence of an “authority.” Acting alone any of … Continue reading How Not to Be Stupid
No Regrets
"VEDANTAM: I understand you got married about a year ago. And you applied some of your own research on regret when it came to choosing a wedding dress. SUMMERVILLE: I did. So I actually wasn’t applying my own research. I applied to work by Sheena Iyengar on the phenomenon of choice overload as well as … Continue reading No Regrets
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