Willful: How We Choose What We Do

Willful: How We Choose What We Do by Richard Robb

Why do we do what we do? Rational choice theory explains that we take everything into account and make the best decision. However, people rarely do it. They have certain beliefs and values that they often stubbornly cling to - even with new information available. Sometimes we do things altruistically. We may seek to benefit others, even if it doesn't help us. 

Sometimes we do things that just don't make sense. Holding the poor open for a subway rider is a case. That will save one stranger a few minutes wait time, while delaying hundreds of strangers a few seconds. The net loss for everyone exceeds the net gain for the one. Yet people will still do it. We may mow our own lawn, even though it would be more efficient to pay somebody to mow it. However, we would not offer to mow our neighbor's lawn for the same cost. Even though it is easy to identify the cost, there is joy in doing things that comes into the calculation.

The book presents many examples, including those from the author's personal experience. Economics explains things rationally. However, people are slow to change believes. Sometimes they do things that they want to do, even though they know good maximize benefit via other means. People work even though they could likely earn more be spending some of the time focussing on personal finance and investments. People enjoy the experiences of life and are not always trying to maximize 100%.