Category: 2 – BUY it!* (All Categories are 1 – Read ASAP!, 2 – BUY it!, 3 – SHELF it, 4 – SOMEDAY it)
Comments: Really fun, geeky, book that doubled up as being insightful and applicable.
Top 3 Lessons:
- Explore/exploit: Exploration early in the lifecycle is the right strategy. Kids were considered intellectually deficient. But, as researchers opened up to the idea that they were in the exploration phase of their life, it made sense. Same with smaller social networks for the elderly.
- Wrong lesson from the marshmellow test. University of Rochester researchers exposed kids to an adult who promised to bring them better supplies but didn’t. When those kids were exposed to the marshmellow test, they did far worse.
Willpower is important in enabling kids to be successful. But, it is likely more important for kids to grow up in an environment where they trust the adults they grow up with. Still a small sample (28 kids) but worth revisiting the learning.
- Prisoner’s dilemma has a dominant strategy that is worse for everyone. Unlimited vacation works like that because everyone wants to be perceived as a little more hard working. Equilibrium is 0.
The only way companies can get around that is by shifting equilibrium – e.g. enforce x weeks of mandatory vacation.
Book notes here.