Rational brain · Judgment & Decision Science
Opportunity Cost
The value of the best alternative you gave up; people neglect it by default, and a simple reminder that money and time can go elsewhere changes decisions.
An everyday example
Spending a month building a feature without asking what the month could have produced instead.
What it can cost you
Choices evaluated in isolation, as if the resource had no other use.
Warning signs
- I never asked what else it could buy.
- The option was evaluated alone.
One thing to do
Name the best alternative before committing anything; if you cannot name it, you have not evaluated the choice.
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