The Hidden Cost of Doing Too Much

The Law of Diminishing Returns states that as the amount of an input increases, the marginal (additional) output eventually decreases. In other words, the more of something you have, the less each additional unit will add to your total. Read on to learn more.

What is Occam’s Razor?

Occam's Razor, also known as the principle of parsimony, is a problem-solving or decision-making tool used in various fields, including science, philosophy, and law. It suggests that, when faced with competing hypotheses or explanations, the simplest one is often the most likely or correct. Read on to learn more.

How to Improve Decisions About Health, Wealth and Happiness

"Nudge" by Richard H. Thaler is a groundbreaking book that provides a new perspective on how people make decisions. The book argues that people are often influenced by their environment and the context in which they make decisions, and that small changes in this environment can have a big impact on the choices people make. Read on to learn the key points.

Mental Models: Cognitive Biases

Cognitive biases are systematic errors in our thinking that can impair decision-making by leading to irrational judgments. By understanding these biases, we can better recognize their impact on our thought processes and avoid their negative effects.

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