B.E. For Dogs: Planning Fallacy
B.E. for Dogs is a bi-weekly comic series that will examine concepts in behavioral economics from the perspective of our canine companions. Look out for new comics every other week!
Planning Fallacy: Have you ever made a “to-do” list for the day and then wondered why it didn’t all get done? If so, you’re not alone. We tend to be overly optimistic about how soon we’ll complete our own tasks — a tendency known as the planning fallacy.
Why is this? One reason is that when we think about how long something will take us, we don’t tend to take into account previous relevant experiences that would help us make better predictions.
Still, third-party observers tend to make much more conservative estimates about how long things will take other people. So, next time you’re planning for a deadline, or trying to make time to play in the mud by sundown, consider asking a friend to help you predict how much time to set aside to make it.
P.S. Your taxes are due on April 17! Start sooner than you think!