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Explore-Exploit Trade-off (David Epstein): A fundamental concept in decision-making that arises in many domains. It is the balancing act between two opposing strategies. Exploitation involves choosing the best option based on current knowledge of the system (which may be incomplete or misleading), while exploration involves trying out new options t
... See morecompanies have a strong incentive to exploit behavioral biases, including availability, unrealistic optimism, and anchoring.
Richard H. Thaler • Nudge: The Final Edition
Our model is really based on a metaphor. We propose that at any point in time an individual consists of two selves. There is a forward-looking “planner” who has good intentions and cares about the future, and a devil-may-care “doer” who lives for the present.
Richard H. Thaler • Misbehaving: The Making of Behavioral Economics
Henrik Karlsson • Almost Everyone I’ve Met Would Be Well-Served Thinking More About What to Focus On
The Marshmallow Test was a celebrated experiment in the history of psychology designed to measure children’s ability to delay gratification, and track the consequences of being able to think long-term. Some three-year-old children were offered a marshmallow, but told they would get two if they held off from eating the first one for five minutes. It
... See moreAlain De Botton • The School of Life: An Emotional Education
2. Loss Aversion Creates Permanent Programs: Once you give people something (a perk, a feature, a benefit), it’s nearly impossible to take back. The founder w... See more
Brain Food: The Three Lenses of Opportunity Cost
We find deep meaning in the act of serving.
Frances Frei • Uncommon Service: How to Win by Putting Customers at the Core of Your Business
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 exploitat
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