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Slackson comments on What are some science mistakes you made in college? - Less Wrong Discussion
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This doesn't always apply. It can, for example, leave you with an hour to kill at a train station, because you decided it would be really embarrassing to show up late for your ride to a CFAR workshop because of the planning fallacy.
Yes, it doesn't apply when the time is blocked off in advance and can't be reclaimed if it takes less time than you expect.