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A list of some posts that are pretty awesome
I recommend the major sequences to everybody, but I realize how daunting they look at first. So for purposes of immediate gratification, the following posts are particularly interesting/illuminating/provocative and don't require any previous reading:
- The Worst Argument in the World
- That Alien Message
- How to Convince Me that 2 + 2 = 3
- Lawful Uncertainty
- Your Intuitions are Not Magic
- The Planning Fallacy
- The Apologist and the Revolutionary
- Scope Insensitivity
- The Allais Paradox (with two followups)
- We Change Our Minds Less Often Than We Think
- The Least Convenient Possible World
- The Third Alternative
- The Domain of Your Utility Function
- Newcomb's Problem and Regret of Rationality
- The True Prisoner's Dilemma
- The Tragedy of Group Selectionism
- Policy Debates Should Not Appear One-Sided
More suggestions are welcome! Or just check out the top-rated posts from the history of Less Wrong. Most posts at +50 or more are well worth your time.
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Thanks much for the link to the Secretary Problem solution. That's will serve perfectly. Even if I don't know the total number of houses that will be candidates for serious consideration, I do know there's an average, which is (IIRC) six houses visited before a purchase.
As for cheating ... what I mean by that is deluding myself about some aspects of the property I'm looking at so that I believe "this is the one" and make an offer just to stop the emotional turmoil of changing homes and spending a zillion dollars that I don't happen to possess. "Home sweet home" and "escape the evil debt trap" are memes at war in my head, and I will do things like hallucinate room dimensions that accommodate my furniture rather than admit to myself that an otherwise workable floor plan in a newly gutted and beautifully renovated yet affordable home is too dang small and located in a declining neighborhood. I take a tape measure and grid paper with me to balk the room size cheat. But I also refer to the table, which requires me to check for FEMA flood zone location. This particular candidate home was in a FEMA 100-year flood zone, and the then-undeveloped site had in fact been flooded in 1952. That fact was enough to snap me out of my delusion. At that point the condition of the neighboring homes became salient.
The extent to which self-delusion and trickery are entwined in everyday thought is terribly disheartening, if you want to know the truth.
On weighting my functional criteria based on dollars, the real estate market has worked out a marvelous short circuit for rationality. Houses are no longer assessed for value based on an individual home's actual functional specifications. The quantity of land matters (so yard size matters to price). Otherwise, overwhelmingly, residential properties are valued for sale and for mortgages based on recent sales of "comparable" homes. "Comparable" means "the same square footage & same number of bedrooms and baths within half of mile of your candidate home." The two homes can otherwise be completely dissimilar, but will nevertheless be considered "comparable". No amount of improvements to the house or yard will change the most recent sale price of the other homes in the neighborhood. What this means is that sales prices are just for generic shelter plus the land, where the land is most of the value and neighborhood location is most of the land value. So the price of the home you're looking at is not really very closely tied to anything you might value about the home. This makes it very difficult to come up with a reasonable market price for, say, an indoor laundry versus laundry facilities in the garage. It's certainly beyond my meager capacity to calibrate the value of home amenities based on dollars.
I'm told it wasn't this way in the 1950s, but given the history of land scams in the U.S., which go all the way back to colonial land scams in Virginia, I have my doubts that prices for real estate were ever rational.
But I'll try to find something for weights. Back to the drawing board. And thanks for your help.
In some areas that's not terrible. The thing is, if you're building a bridge you want that bridge to not fall down and that will or will not happen regardless of your illusions, delusions, and sense of accomplishment. However if you're picking something to make you happy, this no longer applies. Now your perception matters.
Let's say you are looking at a house that checks off all the checkboxes, but on a instinctual, ir... (read more)