Decision frameworks take many forms, but one that is helpful in evaluating the speed and severity of a decision is the one-way or two-way door framework. This framework asks a simple question: is my decision reversible?
One-Way and Two-Way Doors Read More »
Fees are the cost of getting something; fines are penalties for doing something wrong. The distinction between the two is important because both fees and fines provide feedback loops that influence our behavior. When we get them confused, we stop doing that which might actually benefit us.
We live in a complex world full of extraordinary detail and interconnections. It is easy for us to get overwhelmed in an environment like this. But Occam’s Razor is the antidote. The brilliance of Occam’s Razor lies within its simplicity and efficiency. In a world full of noise, Occam’s Razor helps us make good decisions quickly.
Occam’s Razor: Champion of Simplicity Read More »
The quality of our decisions significantly impacts our lives. Good decisions keep us out of trouble while bad decisions mire us in misery. Or at least that’s the common perception. Like most things in life, it’s more complicated than that. Judging the quality of a decision requires more effort than just observing the outcome. Good decisions can yield undesirable outcomes and bad decisions can produce desirable ones. Some factors that we must consider when judging a decision are the amount of information we had at the time of the decision, the quality of that information, the decision making process, likelihoods of certain outcomes, and, of course, luck.
The Decision-Making Process: More Than Just Outcomes Read More »