Challenges of Infrequent Decisions with Delayed Feedback
Major life decisions, such as choosing a field of study or purchasing a home, are characterized by their infrequency and the long delay before their outcomes are fully realized. This structure prevents learning through trial and error, as there is no opportunity to repeat the choice and correct mistakes based on experience. As a result, individuals often must make these high-stakes decisions with incomplete information, which poses a significant challenge to achieving an optimal outcome.
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Ch.3 Doing the best you can: Scarcity, wellbeing, and working hours - The Economy 2.0 Microeconomics @ CORE Econ
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