Photo: jayneanddI told my wife that I’m happy when I run my best possible, which I did (25:58) in Sunday’s Komen Run for the Cure 5KM race in Austin.? She said that I should also be very happy that I took first place out of eight old guys in my age category (65-69).? I’ve never placed first before – so I am happy, but less happy than if I had come in second with better competitors. (The second-place finisher was five minutes behind me – the guys who typically run at about my pace didn’t race.) This implies strange things about my?utility function - which is apparently defined not just over absolutes, and not only expanded to include relative position, but also includes relative position compared to what one expects the comparison group to be.? Are there other examples of this type of what I view as rational thinking, but which seems weird on the surface?
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In many states, the high schools are creating new “classes” for state championships. For instance in Illinois, we went from 2 to 3 or 4 divisions for most sports so we are greatly increasing the number of “State Champions”. However, a bunch of wrestlers I know seem to know that they would not have done as well in the old format and have feelings similar to buyer’s remorse.
Choosing your comparison group is very an interesting article. It is like going beyond your limits. This is really an inspiring post. I am glad that I have stumbled upon it. Congratulations.
Class rankings: do you want to be valedictorian at a high school known to have low achievement or merely in the top 10 at the best school in the region? College admission officers care about that difference.
Much of the investment business runs on relative performance comparisons.
The peer group one is placed in is an important part of how your performance is viewed–and also affects your behaviors. To use the race analogy, you end up looking a lot more at the other runners than would be optimal.
Due to your wealth of time advantage, you should now be taxed of that extra time, which will be donated according to the desires of Congress and the president.
If you die after December 31, your estate will also be required to donate an additional portion of that time.
There’s always a temptation to be a Texas Sharp-shooter.
http://en.wikipedia.org/wiki/Texas_sharpshooter_fallacy
Mexican soccer players.
The best ones in the local league are regarded as just “good.” In comparison, the ones who play on mediocre European leagues (Netherlands, Scotland) or those that play on the best European leagues but on mediocre teams (West Ham, Deportivo la Coruña) are regarded as much better.
Pablo Barrera was easily one of the best players in the Mexican league. He is now playing (or, should I say, warming the bench) for West Ham. Yet, non-Pumas fans think much higher of him now.
I enjoy most playing basketball against someone slightly worse than me. The feeling of beating a worthy opponent is the best. If he’s too weak, it’s not fun beating him easily. If he’s too strong, it’s obviously not fun losing