0 saved
9.8K views
What potential major life change simultaneously tempts and terrifies you? Got a startup idea you've been too scared to pursue? Want to cha ...
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Potius inflammat, ut coercendi magis quam dedocendi esse videantur. Quo modo autem philosophus loquitur? Cum autem in quo sapienter dicimus, id a primo rectissime dicitur. Duo Reges: constructio interrete. Beatus autem esse in maximarum rerum timore nemo potest. Ego vero volo in virtute vim esse quam maximam; Quamquam id quidem, infinitum est in hac urbe; Ut optime, secundum naturam affectum esse possit. Idem etiam dolorem saepe perpetiuntur, ne, si id non faciant, incidant in maiorem. Illa argumenta propria videamus, cur omnia sint paria peccata.
Quae cum magnifice primo dici viderentur, considerata minus probabantur. Quae animi affectio suum cuique tribuens atque hanc, quam dico. Neque solum ea communia, verum etiam paria esse dixerunt. Quamquam ab iis philosophiam et omnes ingenuas disciplinas habemus; Multoque hoc melius nos veriusque quam Stoici. Sed quid sentiat, non videtis. Magni enim aestimabat pecuniam non modo non contra leges, sed etiam legibus partam. Estne, quaeso, inquam, sitienti in bibendo voluptas?
Eam tum adesse, cum dolor omnis absit; Istam voluptatem perpetuam quis potest praestare sapienti? Pungunt quasi aculeis interrogatiunculis angustis, quibus etiam qui assentiuntur nihil commutantur animo et idem abeunt, qui venerant. Sed tamen intellego quid velit. Potius ergo illa dicantur: turpe esse, viri non esse debilitari dolore, frangi, succumbere.
- Use the Regret Minimisation Framework to challenge fears and doubts
This mental model helps you ...
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Non est igitur summum malum dolor. Eaedem res maneant alio modo. At iam decimum annum in spelunca iacet. Ex eorum enim scriptis et institutis cum omnis doctrina liberalis, omnis historia. Praeclare hoc quidem. Omnes enim iucundum motum, quo sensus hilaretur.
Quaesita enim virtus est, non quae relinqueret naturam, sed quae tueretur. Potius inflammat, ut coercendi magis quam dedocendi esse videantur. Quam ob rem tandem, inquit, non satisfacit? Idemne, quod iucunde? Ita ne hoc quidem modo paria peccata sunt. Nec enim, dum metuit, iustus est, et certe, si metuere destiterit, non erit; Non minor, inquit, voluptas percipitur ex vilissimis rebus quam ex pretiosissimis.
Quae cum praeponunt, ut sit aliqua rerum selectio, naturam videntur sequi; Duo Reges: constructio interrete. Quae cum praeponunt, ut sit aliqua rerum selectio, naturam videntur sequi; Nihil minus, contraque illa hereditate dives ob eamque rem laetus. Sed ego in hoc resisto;
The Regret Minimisation Framework tends to take an emotive approach to decision making that might lead people to take riskier actions than are advisable. At worst, when not used with other decision making considerations, it might be used to justify hasty or even reckless behaviour. To that point, rather than an considered decision making tool, it might be argued that this framework is more about helping to gain the courage and fortitude to commit to something significant that you know you want but are scared of doing.
Bezos starting Amazon
Bezos described how he left his well paying job and to start Amazon.
“The framework I found, which made the decision incredibly easy, was what I called — which only a nerd would call — a “regret minimisation framework. So I wanted to project myself forward to age 80 and say, “Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.
“I knew that when I was 80 I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not ever having tried."
The regret minimisation framework is a decision-making approach that would ideally be combined with other decision making process.
Use the following examples of connected and complementary models to weave regret minimisation framework into your broader latticework of mental models. Alternatively, discover your own connections by exploring the category list above.
Connected models:
- High velocity decisions: other decision making tools from Bezos.
- Opportunity cost: the regret minimisation framework effectively asks you to ‘live into’ the opportunity cost of inaction.
Complementary models:
- Golden circle: using the framework might help connect with ‘why’.
- Ikigai: again, the framework might help get in touch with a happier life.
- Risk matrix: consider risks likelihood and impact.
This is a similar concept to the more recent ‘YOLO’, or you only live once’ approach to seizing opportunities.
The Regret Minimisation Framework was coined by Jeff Bezos, and described in Brian Christian’s Algorithms to Live By: The Computer Science of Human Decisions.
View a short video of Bezos talking about this framework.
My Notes
Oops, That’s Members’ Only!
Fortunately, it only costs US$5/month to Join ModelThinkers and access everything so that you can rapidly discover, learn, and apply the world’s most powerful ideas.
ModelThinkers membership at a glance:
“Yeah, we hate pop ups too. But we wanted to let you know that, with ModelThinkers, we’re making it easier for you to adapt, innovate and create value. We hope you’ll join us and the growing community of ModelThinkers today.”
You Might Also Like:
- Actionable summaries of the world's most powerful ideas.
Subscribe now and download this practical guide to transform your thinking, plus recieve one short, powerful and actionable idea in your inbox each month.