Learn more about personaldevelopment with this collection
Why happiness is the ultimate goal
The importance of creating value
How to create wealth in the modern era
Turn Short-Term Games Into Long-Term Games
Negotiations are won by whoever cares less. Negotiation is about not wanting it too badly. If you want something too badly, the other person can extract more value from you.
If someone is taking advantage of you in a negotiation, your best option is to turn it from a short-term game into a long-term game. Try to make it a repeated game. Try to bring reputation into the negotiation. Try to include other people who may want to play games with this person in the future.
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MORE IDEAS ON THIS
Compounding Relationships Make Life Easier
Once you’ve been in a good relationship with somebody for a while whether it’s business or romantic life gets a lot easier because you know that person’s got your back.
The most under-recognized reason startups fail is because the founders fall apart.
A startup is so difficult to pul...
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431 reads
Consumer Surplus: Getting More Than You Paid For
Consumer surplus is the excess value you get from something when you pay less than you were willing to pay.
I’ve made some money and get a lot of joy from my Starbucks coffee. So if my coffee cost $20, I would pay it.
But Starbucks can’t price the coffee at $20 just for me, because ...
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402 reads
Price Discrimination: Charge Some People More
Price discrimination means you can charge people based on their propensity to pay.
You can’t charge people different amounts just because you don’t like them. You have to offer them something extra. Something rich people care about.
It works because rich people are willing to pay more...
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Net Present Value: What Future Income Is Worth Today
You’re joining a startup and getting stock options, and the founder says, “This company is going to be worth $1 billion, and I’m giving you 0.1% of the company; therefore, you’re getting $1 million worth of stock.”
The founder is negotiating based on what it’s going to be worth in the futur...
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Kelly Criterion: Avoid Ruin
The Kelly criterion is a popularized mathematical formulation of a simple concept: Don’t risk everything. Stay out of jail. Don’t bet everything on one big gamble. Be careful how much you bet each time, so you don’t lose the whole kitty.
The number one way people get ruined in modern busine...
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Externalities: Calculating the Hidden Costs of Products
An externality is where there’s an additional cost imposed by whatever product is being produced or consumed, that’s not accounted for in the price of the product.
The environment is finite and precious, so we have to price the product properly and fold that back into the cost of products....
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Schelling Point: Cooperating Without Communicating
It is a game theory by Thomas Schelling. It’s about multiplayer games where people respond based on what they think the other person’s response will be.
How do you get people who cannot communicate with each other to coordinate?
Seems impossible, but you can use social norms to conve...
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Related collections
Other curated ideas on this topic:
6 Life Lessons From Video Games
- Sometimes games tempt us to cheat, but winning while cheating is an empty victory.
- Many games have secret bonuses and features not explained. To extract the most out of things you have to be meticulous.
- Repeated failure is built into the learning curve of any we...
Long Term Memory
- like a storage warehouse
- it's where you store fundamental concepts & techniques that are often involved in whatever you're learning about
- When you encounter sth new, you often use your working memory to handle it. If you want to move that information into you...
4. Identifying long-term goals
It is an essential part of organizing your emotions, because without understanding what it is you want in the long-term, you aren’t going to know what’s worth suffering for. If you are acting in accordance with your immediate desires, you will be happy until you realize you’re unfulfilled...
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