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Morendil comments on Open Thread: May 2010 - Less Wrong
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I noticed something recently which might be a positive aspect of akrasia, and a reason for its existence.
Background: I am generally bad at getting things done. For instance, I might put off paying a bill for a long time, which seems strange considering the whole process would take < 5 minutes.
A while back, I read about a solution: when you happen to remember a small task, if you are capable of doing it right then, then do it right then. I found this easy to follow, and quickly got a lot better at keeping up with small things.
A week or two into it, I thought of something evil to do, and following my pattern, quickly did it. Within a few minutes, I regretted it and thankfully, was able to undo it. But it scared me, and I discontinued my habit.
I'm not sure how general a conclusion I can draw from this; perhaps I am unusually prone to these mistakes. But since then I've considered akrasia as a sort of warning: "Some part of you doesn't want to do this. How about doing something else?"
Now when the part of you protesting is the non-exercising part or the ice-cream eating part, then akrasia isn't being helpful. But... it's worth listening to that feeling and seeing why you are avoiding the action.
Good observations.
Sometimes I procrastinate for weeks about doing something, generally non-urgent, only to have something happen that would have made the doing of it unnecessary. (For instance, I procrastinate about getting train tickets for a short trip to visit a client, and the day before the visit is due the client rings me to call it off.)
The useful notion here is that it generally pays to defer action or decision until "the last responsible moment"; it is the consequence of applying the theory of options valuation, specifically real options, to everyday decisions.
A top-level post about this would probably be relevant to the LW readership, as real options are a non-trivial instance of a procedure for decision under uncertainty. I'm not entirely sure I'm qualified to write it, but if no one else steps up I'll volunteer to do the research and write it up.
I work in finance (trading) and go through my daily life quantifying everything in terms of EV.
I would just caution in saying that, yes procrastinating provides you with some real option value as you mentioned but you need to weigh this against the probability of you exercising that option value as well as the other obvious costs of delaying the task.
Certain tasks are inherently valuable to delay as long as possible and can be identified as such beforehand. As an example, work related emails that require me to make a decison or choice I put off as long as is politely possible in case new information comes in which would influence my decision.
On the other hand, certain tasks can be identified as possessing little or no option value when weighted with the appropriate probabilities. What is the probability that delaying the payment of your cable bill will have value to you? Perhaps if you experience an emergency cash crunch. Or the off chance that your cable stops working and you decide to try to withhold payment (not that this will necessarily do you any good).
I'd be interested in reading it.