Ten Years

There is a fascinating chapter in Imaginable where the author, Jane McGonigal, explains the effect of the timeline set for thinking ahead, setting goals, or even day-to-day work1. On a ten-year timeline, we don’t feel rushed. We have plenty of opportunity to develop new skills, collect resources, recruit allies, learn from our mistakes, bounce back from setbacks, and do whatever else we need to do to get the best possible outcome. Read more...
planning goals imagining brain hacks

Sunk Costs and Decision Making

By definition, a sunk cost is a cost that has already been incurred. One of the essentials of decision-making is realizing the need to ignore sunk costs and consider only what is going to happen in the future, how the decision increases the chances of achieving our long-term goals. We like to think that we make rational decisions based on the future value of things. Most of the time, however, our decisions are tainted by the accumulated emotional investment. Read more...
decision-making sunk costs sunk cost fallacy loss aversion Kahneman