2 - PROTECTING YOU FROM YOURSELF

Summary

People do sometimes misjudge what they want. They make mistakes. Yes, but this is not necessarily a mistake. Perfection in decision making is infinitely costly and consuming of time, so we are wise to accept a positive probability of error and even wiser to tolerate higher probabilities if the cost of reducing error is greater. There is nothing irrational about this, and one can interpret such mistakes as truly serving our interests, since occasionally we learn from our mistakes. This may be the most effective way to lower the cost of avoiding mistakes in the future. These considerations are neglected by most writers who think people make the wrong choices. I assume that our goal – mine, yours, and also that of those who have doubts about our choices - is efficiency, not perfection.

Now, I would not have written this essay if those who think we err more often than we should were simply stating their beliefs. Who has not given advice to others? Indeed, this essay is intended to advise its readers. And who can claim never to have made a decision that, after it was made, seems to have been unwise? I ask only that there be open competition in the advice-giving game, and, generally speaking, there is. My objection is to those who believe that we are so locked into serious decision errors that we must be coerced into doing that which we knowingly choose not to do.