Decision Making - Abhishek Chakraborty (Page 5)

Regret Minimisation Framework: How to Live With Minimal Regret

Regret is the result of comparing what we actually did with what would have been best in hindsight. You cannot—in theory or practice—have a life completely devoid of regret. But you can achieve the next best thing: a life with minimal regret.

Second-Order Thinking: How to Uncover Hidden Consequences While Making Decisions

First-order consequences often have opposite desirabilities from second-order consequences. This results in big mistakes in decision making. Especially when you are treading in uncharted territories.

Ludic Fallacy: Why It’s a Mistake to Use Games to Model Real-Life Situations

In your adult life, if you have talked to enough people, or have attended few conferences and keynotes, you must have heard people starting a sentence with, “Like in a game of chess,” or “Think of it as a game of poker.” Analogies are helpful in communication, but life is neither a game of chess, no

How to Make Decisions When You Have Limited Information

“In founding a startup, you throw yourself off a cliff and build an airplane on the way down.”— Reid Hoffman If you are a startup founder, you have to take business decisions every day. If you are like me, a lot of time you would be stuck with a conundrum, and there won’t be a good way to pick an op