This is similar to the explore/exploit dynamic, an idea from computer science, which says that to make the best decisions we should find the correct balance between gathering information (exploring our options) and making the most of what we know (exploiting that information). To make the best decisions, we need to balance exploration and exploitation.
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Excerpted from “Second Act: What Late Bloomers Can Tell You About Success And Reinventing Your Life”, by Henry Oliver.
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Similar ideas to The Explore/Exploit Dynamic (or Tradeoff)
Sunk-cost fallacy. Present yourself with the new options at hand -- without considering the sunk cost.
Narrow framing. When we're in situations that will repeat themselves over time, we should take a step back and play a game of averages...
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