Learn more about timemanagement with this collection
Understanding the importance of decision-making
Identifying biases that affect decision-making
Analyzing the potential outcomes of a decision
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.
What you can do about it:
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2.57K reads
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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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6.85K reads
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.
What you can do about it:
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3.68K reads
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.
How to overcome this bias:
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4.9K reads
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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2.45K reads
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.
What you can do about it:
1.21K
2.35K reads
We are inclined to believe that complex solutions and explanations are better than simple ones. The perception of complexity often leads to avoidance.
What you can do about it:
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2.29K reads
We tend to underestimate the time it will take to complete a future task despite knowing that previous tasks have taken longer.
What you can do about it:
1.21K
2.91K reads
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It describes our tendency to commit to something just because we've already invested resources in itโeven if it would be better to give up on it.
How to control it:ย Always reevaluate your processes in light of new evidence.
โSunk costsโ are money, time, or effort weโve already spent and canโt get back.
Cultivate a habit of admitting your mistakes. Ask yourself: If the past didnโt exist and youโre just starting out now, what would you do?โ
Humans are especially susceptible to the โsunk cost fallacyโโa psychological effect where we feel compelled to continue doing something just because weโve already put time and effort into it.
But the reality is that no matter what you spend your time doing, you can never get that time ba...
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