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The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Life is not like chess. Chess contains no hidden information and very little luck.
Life is more like poker. You could make the smartest, most careful decision and still have it blow up in your face.
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Even when people experience the same event at the same time, if you ask them about it, you will often get two very different accounts about what happened.
That’s because the way we interpret the world is not only a function of the objective experience but includes how we see and ch...
Scenario planning is a productive skill to develop in decision making because:
This is how we think we form our beliefs:
This is how we actually form our beliefs:
“What makes a decision great is not that it has a great outcome. A great decision is the result of a good process, and that process must include an attempt to accurately represent our own state of knowledge. That state of knowledge, in turn, is some variation of ‘I’m n...
“Thinking in bets starts with recognizing that there are exactly two things that determine how our lives turn out: the quality of our decisions and luck. Learning to recognize the difference between the two is what thinking in bets is all about.”
“In most of our decisions, we are not betting against another person. Rather, we are betting against all the future versions of ourselves that we are not choosing.”
A bet is a decision about an uncertain future. Thus, most of the decisions in your life – switching jobs, choosing a partner, selecting your field of study, not doing something – are bets.
They’re choices that you make in the face of an uncertain future.
Resulting means judging the quality of a decision based on the quality of the result.
Our tendency is to equate the quality of a decision with the quality of its outcome. The prevents us from accurately assessing the quality of our decisions and the role of luck in the ...
“Improving decision quality is about increasing our chances of good outcomes, not guaranteeing them.”
It is important to have a go-to group of people with a common interest in thinking in bets.
The characteristics of a good group to practice truth-seeking with:
People are better at recognizing biased reasoning in others but are blind to bias in themselves.
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Life is a cycle of good times and bad. It’s not linear. There are always going to be ups an downs. But you can still make safe choices.
Looking at the bright: downs help us to appreciate and understand what an up looks like.
Life offers us an unlimited number of ways to play, and our motive is to solve the inevitable obstacles and challenges which come at us, as with everyone else.
Just like chess, one has to see patterns, use logic, be systematic, fail, learn and keep moving.
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