Hear it Here - http://bit.ly/DecisionMakingHollins
00:02:08 Ego Depletion
00:08:48 Combat Decision Fatigue
00:14:40 Impulsive and knee-jerk reactions usually turn out to be very bad or wrong.
00:15:19 Lower Transaction Costs
• The concept of ego depletion is important because it leads directly to decision fatigue. With overuse, certain cognitive processes can flag and wane, in exactly the same way that muscles tire with extended exercise.
• When you reach decision fatigue, your decisions become incredibly suboptimal because you will either become paralyzed or make a rash, unresearched decision. Your willpower can perform weakly, in the same way that a tired muscle is just not as strong.
• How can you preemptively deal with the effects of ego depletion and willpower fatigue? You can time your decisions wisely such that they made only when rested such as in the morning or after a rest or a meal
• You can categorize the trivial daily decisions you have and make sure to only allot a trivial amount of time to them, drawing limits on how much attention you’ll spend on inconsequential decisions. Ask what risks are attached to a decision, the impact it will have, and whether you’ll care about it in a month’s time.
• You can treat yourself like an athlete and make sure you are mentally tapering off in preparation of big decisions, you can give yourself more time than is necessary to reduce the role of stress and anxiety. Anxiety and low mood can color our decisions. Don’t rush!
• You can also work on manipulating your transaction costs to make good decisions more of a default option, while bad decisions are more difficult.
• By automating as many decisions as possible, you take certain decisions out of your hands and get them done without you needing to spend any extra effort. Use tools, habits and routines to make good decisions automatic, saving your mental resources for those truly demanding decisions.
#AnalysisParalysis #Baumeister #EgoDepletion #MentalBandwidth #MentalFatigue #MentalResources #TrivialDecisions #PrimedForGoodDecisions #RussellNewton #NewtonMG #PeterHollins #TheScienceofSelf #TheArtofStrategicDecisionMaking
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