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Which of these two options would you choose?
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Daniel Kahneman, the author of Thinking, Fast and Slow, did an experiment. ​ He gave two options: ​ Would you accept a gamble that offers a 10% chance to win $95 and a 90% chance to lose $5? Or. Would you pay $5 to participate in a lottery that offers a 10% chance to win $100 and a 90% chance to win nothing? ​ Well… if you studied engineering, you have convinced yourself that the two problems are identical. ​ In both, you are either richer by $95 or poorer by $5. ​ But that’s engineering mindset… ​ No question why we take so long to find someone that can endure us. ​ The reality is that the second option attracts more people. ​ A bad outcome is much more acceptable if it is framed as the cost of a lottery ticket that did not win than if it is simply described as losing a gamble. ​ We should not be surprised: losses evoke stronger negative feelings than costs. ​ If you have no idea what I’m talking about, you should take a look to the book below. It will teach you to avoid gambles and call some costs, investments. ​
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Vicente Valencia
I talk about Personal Growth, Management, Infrastructure and More | 👇JOIN +2k readers 👇
Most construction disasters happen on Mondays. Some on Fridays. But only the truly legendary ones wait for Christmas Day. New York City, 2007. Downtown Manhattan. A 40-storey office tower under construction. Skeleton up, façade almost done, 70% completed. The kind of project where everyone, owner, contractor, union, inspectors, just wants to go home and eat turkey. On the morning of December 25th, a security guard on site hears something strange: “Clank… clank… clank…” He thinks it’s a rat. A...
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