Tuesday, May 8, 2012

Don't be Greedy - Unless you have to

Paco lead a discussion about not waiting too long for the optimal outcome. For example, wait so long for a videogame price to go down that they stop selling it. Or, try to get a parking spot so close to your destination that you can't get a spot at all. I described this as "getting greedy". We all spoke about the factors that determine the right time to buy (or park). How good of a deal are we already getting? What would the consequences be if we can't  get want we want? For example, if we find a parking spot two blocks from our destination and we can barely get there in time, we should probably take it and avoid the risk of not finding a spot and being late. But if we have time to spare we can probably drive around for a bit looking for a better spot.

Nico mentioned the example of a sailboat race and the need to get to the start-line just in time (he dreamed about a race last night!). In an olympic race you can't afford to be more than a fraction of a second late or your chances of doing well in the race would be seriously hurt. But in a less competitive race you are probably better off not trying to cut it so close and risk being over the line early.

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