Pragma #9 — Why You're Not As Smart As You Think You Are

Being rational has many definitions. But I like this one:

The more rational you are, the more likely your reasoning leads you to have accurate beliefs, and by extension, allows you to make decisions that most effectively advance your goals.

— Taken from Less Wrong Welcome page

Everyone should strive to be more rational, but we should acknowledge that being 100% rational, like an algorithm, is out of reach for humans.

In the realm of economics, we humans were once viewed as hyper-rational agents, maximising our utility with every decision. Far from being understood as humans, we were econs. Then, along came Herbert Simon and his concept of bounded rationality to burst that bubble.

The truth is, our brains aren't supercomputers. We're limited by cognitive constraints, such as the availability of information, time pressures, and our own mental processing power. In a nutshell, we're bounded by our humanness.

When you're choosing between 30 different brands of cereal at the grocery store, do you analyze each one? Of course not! You probably grab the one you usually buy, or the one with the flashiest packaging. We resort to mental shortcuts (heuristics) to simplify complex choices, and sometimes, these rules of thumb lead us astray.

• Acknowledge your limits: Accept that you can't be perfectly rational all the time.

• Don't overthink it: Sometimes, going with your gut is the best option.

• Limit your choices: Reduce decision fatigue by narrowing down your options.

• Beware of framing effects: How information is presented can significantly influence your choices.

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