Balance

Social and market norms represent two fundamentally different relationship systems that operate by distinct rules:

• Social norms involve unwritten mutual obligations without immediate accounting
• Market norms rely on explicit exc...

If we simply imitate other people without connecting what we see to our own experience, any idea, good or bad, can spread.

Striking the right balance between copying others and relying on personal experience is key. It's the only way social learning can improve decision making.

We are too flawed to manage our own schedule, predictably irrational and consistently bad at making good decisions.

There are three reasons why we behave this way:

1. Present Bias
2. The Planning Fallacy
3. So...