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We tend to underestimate the time it will take to complete a future task despite knowing that previous tasks have taken longer.
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We want to finish what we've started because of previously invested resources, even if it is better to quit and use our limited resources elsewhere for better returns.
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Economists used to believe that people will always choose the option that maximizes their well-being. But people act against their rational self-interest all the time.
We procrastinate and eat junk food and say yes to the things we don't have time for. Two Israeli psycholo...
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We are inclined to believe that complex solutions and explanations are better than simple ones. The perception of complexity often leads to avoidance.
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We tend to choose a smaller, immediate reward over a larger reward in the future. For example, playing video games is more enjoyable than writing or coding or designing.
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We quickly return to a relatively stable level of happiness despite positive or negative external events. We pursue a promotion and believe it will make us happy. When we get it, we are temporarily happier, only to get back to our baseline levels the next week.
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This effect describes our tendency to remember incomplete or interrupted tasks better than completed tasks. Each unfinished task takes up some of your attention, splitting your focus. It also interferes with your sleep.
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This bias addresses why we do unimportant tasks we think are time-sensitive over tasks that are not time-sensitive, even if the non-time-sensitive tasks provide greater rewards.
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The planning fallacy is the likelihood to underestimate the time it will take to finish a future task despite knowing that similar projects have taken longer in the past. For example, writers underestimate how long it will take to complete a novel; product managers miscalcula...
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