Yes, it’s no applicable in all contexts, but example: long degrees are a problem not just for the tuition but in some cases also for the time spent not working and having to move to another city.
Shortening degrees where possible would help.
I disagree with many of the points below. One by one:
#6: the problem is not herding, but herding in absence of skin in the game.
Herding + skin in the game = we imitate those who prepare for disasters.
Herding w/o skin in the game = we imitate charlatans and fools.
(THREAD)
#4: Inertia. If it were a thing, people who got a driving license would keep driving slowly, as they got used to while practicing.
Instead, inertia is a confabulation. We constantly adapt our optimal risk-taking level based on our experiences and incentives.
Sometimes it means not to change (and a researcher jumps in calling "inertia!") but other times it means to change (and someone jumps in calling "another fancy name for another bias") – but both are confabulations that tell more about the study design than about our brain.
Example: 94% of 80+yo in my region booked the vaccine but only 50% of 70-79yo. Why? The former can do it through their doctor; the latter must use a website.
Website scale fast, but arteries must become capillaries to reach everyone
2/ Similarly, many company initiatives fail because the center (top management) uses arteries (company-wide emails) to communicate a change to the the peripheries (employees).
Instead, they should focus on a capillar approach. Only supervisors are close enough to drive change.
3/ The focus of every company initiative should be to *actively* recruit & engage supervisors so that they'll communicate the change & demonstrate the need for change *effectively*.
Some things can only be done with personal touch.
Company initiatives must account for it or fail