Time Preference Rate. “The Marshmallow Tale” by Joachim de Posada and Ellen Singer describes the “Marshmallow Experiment” at Stanford University. The experimenter left the child alone in the room and gave the child a marshmallow, instructing the child to eat it immediately. However, if the child did not eat it within 15 minutes, the experimenter would give the child another marshmallow. Some children waited the full 15 minutes, while others stopped waiting early. These two groups were followed for 14 years, and as a result, the more patient children showed better social and mental abilities. Those who cannot tolerate waiting are said to have a high time preference rate, while those who are patient are described as having a low time preference rate. In investment, high and low time preference ratios are not necessarily good or bad because many investments depend on luck. The key is to find and stick to methods and principles that match one’s own tendencies. - Joseph’s “just my thoughts”
A comment system was in place at a United States Forest Service branch with 2,500 employees. The employees were instructed to submit their proposals on page 4 for comment. Two hundred and fifty-two proposals were submitted over four years. In terms of the number of employees, one idea was proposed every 40 years. The change was necessary. Employees were required to submit a brief idea outline via email. In 30 days, the idea could be implemented if there was no response from the designated contact and no legal issues arose. In the first year, 6,000 ideas were generated. A person without creativity may enter the organization, but the organization may destroy creativity. It's more effective to eliminate factors that impede creativity than to attempt to enhance it. - Joseph’s “just my thoughts”