Interchangeability of Utility

Not being consistent with rewards / price on decisions means that you are doing something wrong.

There should be a way to value your time + money, and things which cost "more" in this context should be worth more to you. If not, you are doing something wrong.

This is especially obvious when you travel between two places, one much cheaper than another. If you're in HK for a weekend and feel a bit thirsty and spend the HK usual price of 2 USD for a drink that you slightly enjoy, but then the next week you are in Beijing, and are thirsty at a tourist attraction, but since the drinks are overpriced (80 cents rather than the usual 50 cents), you decide not to get one, that is a mistake.

You shouldn't live the same "level" of life in two different environments - moderately thrifty in a cheap country, and moderately thrifty in a super expensive country. If you commute between monaco and thailand, you should live like a king in thailand and be super cheap in monaco. You will get a higher internal utility value than if you live the same way in both.

A New Job

If you are about to get a new job where you will make 10x as much money, you should just start living the way you will then, now. (modulo the certainty that it will really happen)



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3/22/2013 6:52:13 PM