Wait: The Useful Art of Procrastination

by Frank Partnoy

What do these scenarios have in a professional tennis player returning a serve, a woman evaluating a first date across the table, a naval officer assessing a threat to his ship, and a comedian about to reveal a punch line?

In this counterintuitive and insightful work, author Frank Partnoy weaves together findings from hundreds of scientific studies and interviews with wide-ranging experts to craft a picture of effective decision-making that runs counter to our brutally fast-paced world. Even as technology exerts new pressures to speed up our lives, it turns out that the choices we make -- unconsciously and consciously, in time frames varying from milliseconds to years -- benefit profoundly from delay. As this winning and provocative book reveals, taking control of time and slowing down our responses yields better results in almost every arena of life -- even when time seems to be of the essence.

The procrastinator in all of us will delight in Partnoy's accounts of celebrity "delay specialists," from Warren Buffett to Chris Evert to Steve Kroft, underscoring the myriad ways in which delaying our reactions to everyday choices -- large and small -- can improve the quality of our lives.

Genres: Psychology, Nonfiction, Science, Business, Self Help, Productivity, Audiobook

465 pages, ebook

First published June 26, 2012

About the author

Frank Partnoy is the author of F.I.A.S.C.O., Infectious Greed, and The Match King. Formerly an investment banker at Morgan Stanley and a practicing corporate lawyer, he is one of the world’s leading experts on market regulation and is a frequent commentator for the Financial Times, the New York Times, NPR, and CBS’s 60 Minutes. Partnoy is a graduate of Yale Law School and is the George E. Barrett Professor of Law and Finance and the founding director of the Center for Corporate and Securities Law at the University of San Diego.

Reviews

[Riku Sayuj · Rating 3 out of 5]

If it works, you are a "delay specialist" and your delay was strategic - kudos to you. If it doesn't, you are a mere procrastinator who cant tell a minute hand from an hour hand - shame on you.

[Harry Roger Williams III · Rating 4 out of 5]

My first professional job as a Librarian was in 1972 at the Worcester Public Library, with long hair and a beard and fire in my belly to save the world with equal access to information. Library Director Joseph S. Hopkins described an administrative strategy of never making any decision until forced to do so. I was not the only one who thought this showed a lack of courage, rather than good judgement. As the years have gone by I have been forced to reconsider many of my youthful value judgements. Partnoy really vindicates Joe Hopkins on page 174, "The best professionals understand how long they have available to make a decision, and then, given that time frame, they wait as long as they possibly can." Wow! Partnoy also adds a twist to an attractive description of the skilled ball player. I had heard descriptions - written when computers were a bit more primitive - that "If you filled the Empire State Building with computers, it would still take them a week to do all the calculations required to catch a high fly ball." The implication was that it is only by letting go of any conscious control, through practice and then reflex, that humans are able to make the catch. Partnoy shares experiments that show that more is going on, that the good hitter actually spends much more of the ball's (admittedly extremely short) travel time taking in data, and then at the very last millisecond reacts with a swing. I described this to an old timer (even older than I) who immediately gave an example of a baseball great who would swing "just about when the ball was in the catcher's glove." This was a fun read and I'm glad I took the time to enjoy it.

[Eustacia Tan · Rating 4 out of 5]

Quick, from the title alone, what's book is the opposite of this? If you said Blink by Malcom Gladwell, then you and I have the same thought process. The subtitle of this book is "The Art and Science of Delay", which is so different from the thin-slicing concept in Blink. But, apart from the subject matter, both books feel similar - they're written in an enjoying way (well, there's another part about the essence of the book, but I don't know how to describe a book's character through mere words).

This book, like Blink, explores the decision-making process. Only in this case, they advise waiting as long as possible. Even for the superfast sports, like Baseball, the experts wait as long as possible before making their move. Hence, we should also do likewise (between these two disparate statements is a fairly long and convincing explanation). Of course, the book also goes on to show how we can possible control these reactions (and biases in thin-slicing).

The book actually has a survey you can take here to see how you deal with time. I haven't taken it yet, but I will (when I finish procrastinating, which apparently may not be a bad thing).

The only problem I had with the book was with the first chapter, where it keeps talking about the evolutionary role. I don't think evolution is true (or even convincing), so to me, this whole reptile-throwback stuff is unbelievable. Why can't we just say that we have two such parallel systems? How does it enhance the theory?

Otherwise, the book was really good. Most of the research presented is interesting and fairly convincing, although I have no way of telling if there's any cherry-picking going on. A wide range of subject matter, from Fight Club to a It's Just Lunch (a dating service) is used to illustrate the various points in the chapter.

In fact, one of my favourite things learnt involves the subconscious influence (and I sent it off as a "quote of the day" to my friends and cousins. It goes about how research shows that if you want to cram for an exam, or just finish reading faster, you should go to MacDonalds. My really smart friend (Aggy, it's you!) that the red and orange in the place physiologically makes you feel energised and want to rush.

Apart from that, I really like the quote on how "Two of the skills that many students develop in college are the ability to manage their time throughout a semester, and the ability to cram for an exam or quickly finish a term paper at the semester's end. Students who are required to finish an assignment every week may not develop these skills." I shall go out on a limb and assume that the second sentence means that your grade is completely/largely not dependent on a major exam but is consistent. Well, apart from university, IB will do fine too. While I like the whole "working constantly" thing that IB taught me -time management!- (and I'm using it now if TUFS), there were major assignments and exams too. Which is why when, for example, we have a maths portfolio (it's a math essay), you'll notice that the amount of sleep that goes down beyond the normal levels as everyone rushes to finish the portfolio/essay.

Well, basically, this is a really interesting book. If you need a non-fiction read, you should really put this on your reading list.

Disclaimer: I got a free copy of this book from NetGalley in exchange for a free and honest review.

First posted at Inside the mind of a Bibliophile

[Jon · Rating 3 out of 5]

I guess my snarky takeaway from this book by a former investment banker and corporate lawyer is that it's always best to act at exactly the right time, neither too soon nor too late. Thanks very much for that insight. But actually the book is full of interesting descriptions of experiments examining why we make the decisions we do. We are not rational actors, as economists used to think. Some of the results are obvious, others quite surprising. Subjects exposed subliminally (they all reported that they had not noticed them) to fast-food logos subsequently read a boring paragraph 20% faster than subjects not so exposed. Apparently exposure to the idea of fast food (even when we aren't aware of it) makes us not only eat faster, but do everything else faster as well. And we have about the same desire for instant as opposed to delayed gratification as pigeons. Who knew? So Partnoy's idea is the old Greek one of kairos, not just chronological time, but the right time. Or maybe Baby Bear time--not too soon, not too late, but just right. (Partnoy doesn't put it this way. It's my snark coming out again.) But since our present culture is so biased in favor of speed, finding the right time for almost anything usually means delay. Pause to think it over. Maybe do nothing. Inaction is not always wrong. In fact it's probably not wrong. Sounds good to me...

[Cara · Rating 3 out of 5]

I liked the idea of this book, but it quickly turned into one of those books that's just a collection of moderately interesting facts somewhat related to the title without any real depth. I'm getting pretty sick of these kinds of books, to be honest. I don't know if they're becoming more common, or if I'm just reaching the bottom of the barrel with what my library can provide.

[Orsolya · Rating 1 out of 5]

Time is of essence, they say, and often we are forced to make quick decisions. Yet, many people are also prone to delaying and procrastinating. Is this delay harmful? Perhaps it can actually be a positive tactic? Frank Partnoy attempts to prove why waiting until the last minute or even pushing things into the future is a smart move in, “Wait: The Art and Science of Delay”.

“Wait” is a business book mixed with pop psych, social science, and some neuroscience attempting to discuss various life situations in which utilizing delay is a “good thing”. “Wait” starts off strongly with a biological and neuroscience discussion—which lasts about a chapter. After this, “Wait” tapers off and is a disappointment.

Although Partnoy is not a bad writer in terms of language and prose (he has a perfect balance of technical jargon with easy-to-understand lingo); but his presentation and ideas are scattered and completely devoid of his thesis. Rather than prove why we delay actions or why this delay is optimal; Partnoy merely offers scenarios where delay is present. Nothing is proven and the reader doesn’t truly learn anything and goes away with less than a handful of facts.

The major downfall of “Wait” is its stiff, clinical feel. Partnoy comes from a business and financial background which comes through in “Wait”. The text is missing the accessible and exciting pace which pop psych books tend to have. As can be deduced by this, all of the citations/test in “Wait are secondary (none being conducted by Partnoy) and can’t even really be called experiments as they are basically case studies.

Much of “Wait” focuses on business, financial, and economic situations which doesn’t interest or isn’t applicable to the general reader making “Wait” miss the target audience. There are some ‘ah-ha’ moments but these are few and far between.

The concluding chapters of “Wait” are extremely slow and completely lost on the thesis. Partnoy basically pens a business essay at this point focusing on time and trade-offs but there is no psychological element at all and neither does he prove a hypothesis regarding delay. Despite these weaknesses, the ending does well in summarizing the work and in recalling previous discussions.

Although Partnoy does not include a source list; he supplements “Wait” with a lengthy and detailed notes section.

“Wait” is a business piece peppered with some psychology and case studies. The problem is with presentation and Partnoy’s failure to prove an argument, educate, or be memorable. Bluntly, not much is gained from reading “Wait” and it can be bypassed for other books on the topic.

[Eric Gardner · Rating 2 out of 5]

The problem with Frank Partnoy’s Wait can be summed up through his story of UNX, a high frequency trading firm. Unlike day trading, where humans quickly buy and sell stocks, HFT is entirely computerized. Advanced algorithms make millions of trades a day and enact them quicker than any human could hope.

In 2006 UNX was in trouble, their software and hardware was outdated, but they invested millions to develop a new high speed-trading platform, and by 2007 they were ranked the best in the industry. Everything was rosy except their offices were in California, and transmitting the data from California to the trading floor in New York City was costing them thirty-five milliseconds on each trade. Thirty-five milliseconds may seem like nothing for a human, but in HFT it is billions of dollars. The company decided to relocate their offices to New York, and found that trades were faster, but suddenly the execution failed. “We were paying more to buy shares,” the CEO of the company said, “and we we’re receiving less then we sold.”

I wish I could tell you why the execution failed when the speed of the trade increased but Partnoy never explains. That is the problem with the book, which is a shame because Partnoy has an interesting premise. In a world that is speeding up and increasing in its’ complexity there certainly are benefits to slowing things down. However, he never explains the mechanism to why this is.

[Birgit · Rating 3 out of 5]

Just like it's said that revenge is a dish best served cold, apparently waiting before striking, or just plain doing something, is often the better course of action. In Wait Frank Partnoy explores delay in both short and long term decisions and how understanding the former can help us better handle the latter.
Remember the marshmallow experiment and its discoveries concerning decision making and self-control? The kids who waited were rewarded with two instead of just one marshmallow, but does this scenario really work the same way in other aspects of our lives? From buying bonds to apologizing, from holding a speech to deciding whether a second date will be worth it, the author emphasizes how it's not necessarily the length of time you delay a decision, but basically to make such a decision in the last possibly moment for optimal results.
With such a fascinating topic and written in an engaging way, this book offers plenty of food for thought, though I must admit that I found the examples from the world of sports in the first chapters rather tiring. Additionally I'm not quite sure how the whole Post-it notes example fits in, but overall I found this to be a smart and insightful read.
Now, if only I knew how long the photographer waited before shooting the cover for this book? The answer must be - just long enough.
In short: To wait, to delay, to even procrastinate, is the way to go!

[Paul · Rating 4 out of 5]

Wait is a phrase that you will often hear a parent use when dealing with a small child. I know I have used is often enough myself.

In these days of faster communications, instant messages, 24 hour email and the pressure to make instantaneous choices, Partnoy wants us to think slower, to take time to consider those choices and to make the correct decision at the right time.

He describes sports men who have the ability to stretch time and make a better choice of shot, of city traders who have chanced on the optimum time for trades and the art of subliminal advertising. He looks at decisions that have been made wrong in football, the correct length of time to wait until you apologise and the art of procrastination.

This book ties in with other books that I have read and like, such as Thinking Fast and Slow, and The Decisive Moment. He is a great advocate of taking time to make the right decision, and having made that decision sticking with it, and not changing your mind,something that Warren Buffett has proven over years. He also looks how taking a little more time, in conduction with checklists, has meant that surgery has become less risky for patients and how people doing the same tasks feel more pressure when the hourly rate is higher.

If you feel that time today is too precious to waste, then I would recommend reading this. Take note of the suggestions and just wait a little.

[Doug Garnett · Rating 1 out of 5]

I was very disappointed by this book. Heard Partnoy interviewed on NPR and he was quite interesting. But the book wasn't.

Far too much time spent on why tennis players wait until the last minute to make choices. (Interesting point, but a full chapter?) And that was just the beginning.

So I jumped to the chapters around Procrastination. But while he was quite articulate on-air, the book buries what he has to say amongst data that clutters rather than enlightens.

This should have been a good book - a very interesting premise. And, it should have fought society's overwhelming drive today to decide early (but never really regret later even though we should). It should have creatively encouraged appropriate use of waiting/delay/distraction etc in order to arrive at far better actions...when that's the right thing to do.

Instead, it was made into a sleeper by what appeared to be Partnoy's need to make it appear to be a scientifically valid book. Bummer.

[Henry Manampiring · Rating 5 out of 5]

One of the best books I've read this year.

If you were fascinated by Malcolm Gladwell's "Blink", this is one nice antidote, offering great insights from opposite direction: there is merit in delay our judgement, in waiting for a little while before we decide.

Partnoy made a great work pulling together different stories, research, and studies from various fields. From sport, military, biology, neuroscience, etc. Not only that, he writes beautifully with clarity. This book will keep you intrigued all the time.

MOST RECOMMENDED!

[Andy · Rating 2 out of 5]

It's better to go slowly, except when it's better to go fast. Thanks!

Another one of these "brain science" books that overreaches from little experiments to big conclusions. At least Partnoy has the integrity to hedge his advice, but then that reveals its uselessness.

There are numerous interesting little unconnected magazine stories in here, but it is not a coherent book about how to improve decision-making or the value of delaying action.

[Natalie Eberts · Rating 4 out of 5]

Pretty good. Main point is: delay. Take as much time as you can to gather information and contemplate it, make your decision at the very last moment.

[William Schram · Rating 4 out of 5]

Decisions make up a large portion of our lives. In our fast-paced modern world, it seems that everyone wants to do more things in less time. Frank Partnoy argues that waiting is an important skill. Partnoy brings up examples in varied fields that support his ideas. We all heard of the Marshmallow Test, but can you learn to wait?

The cover of "Wait: The Art and Science of Delay" has a dog with a treat balanced on her nose. It seems to suggest the affirmative; it is possible to learn how to wait for things. Partnoy references some books that I have read before, like Blink by Malcolm Gladwell.

Partnoy's book relates studies and techniques concerning waiting. For example, when a celebrity makes a terrible blunder. The most effective thing to do is to apologize, admit you made a mistake. Remember the Mel Gibson gaffe? I do. Gibson made several anti-Semitic statements. He attempted to apologize, but he timed it incorrectly and said the wrong things. Then we have Tracy Morgan. Morgan told some questionable "Gay" jokes. What did he do? He apologized, sure, but he gave the public time to get the anger out of their collective systems beforehand.

One chapter of the book discusses procrastination, a subject I needed to cover back in college. Procrastination is generally a bad thing. I mean, you aren't doing something you need to do. Partnoy argues that using procrastination to your advantage is for the best.

Partnoy split the book into fourteen chapters. It is fun to read and goes by quickly. Thanks for reading my review, and see you next time.

[L · Rating 3 out of 5]

This book should be read as a companion to Wait by Malcolm Gladwell - doing so will enhance your understanding of both books, while also illustrating the flaws in both.

Like Gladwell, Partnoy starts with a belief he already holds - that procrastination is good - and then tries to prove it via wait of evidence from different fields. Unfortunately these fields are even less connected than Gladwell's. Can high frequency trading really tell us that much about the value of delay in decision making?

Nevertheless, what *is* intersting is Partnoy's explanation of the actual power of the subconscious, which can process at magically fast speeds. His theory: the subconscious is super powerful but only if it has already been given expert training - this completes the ideas Gladwell advanced, but avoids his magical nonsense.

A good book. But really, maybe go straight to the source and read Kahneman?

[Dide · Rating 4 out of 5]

4.5 star rating
This for me is one of those difficult books to categorize. It touched on many sampled scenarios; from sports to science. I realised especially by the time I got to Chapter 13 that I was astonished by the vast array of samples.
Despite, this book wasn't overwhelming. Rather it has been revealing although I won't say in a profound kind of way but it has certainly laid reason for me to ruminate on the concept of wait and how that applies to me and what I do.
Another reason to appreciate this book is the invaluable references... I certainly will be looking into them further

[Mike Madden · Rating 3 out of 5]

Good topic. Everyone says it's the opposite of Blink but it's basically a mix between Blink and Outliers. This book just didn't have enough in it----expanding on the investing part of the book would've been better.

[Jose Torroja Ribera · Rating 4 out of 5]

El autor me ha convencido, ya haré la reseña otro día.

[Seemy · Rating 3 out of 5]

In a fast paced and noisy overwhelming world we live in today, this book reminds us about the importance of waiting in many aspects of our life - and how strategic delay to take out time and think a lil - can be beneficial in more ways than one in countless aspects of our lives - enjoyed this book - something different to give my mind food for thought ...

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[Randy · Rating 5 out of 5]

Wow. This is one of those books that just blasts new ideas at you and makes you rethink why you think and do the things you do.

It had been on my list for a while, and I'm glad I finally picked it up to read.

The research and examination regarding the power of waiting to apologize will probably be the most shocking parts of the book, especially for folks who assume that you should always apologize right away. The information about the way humans and animals discount time/reward was fascinating to me.

Plus, a good John Boyd / OODA loop reference is always fun to run into.

[Ryan Seamons · Rating 5 out of 5]

What do I want to do after reading this book? Take more pauses. Continue to spend unstructured time with my kids, listening, playing, and exploring the world with them. Listen more in my work. When I do speak, pause more often and for longer. When I face a decision, take a breath and ask myself, “when do I need to make this decision?” If I have more time, take more time.

Great mix of hard science, fun stories, and meaningful suggestions.

I wrote down all of the highlights I made — https://paper.dropbox.com/doc/Wait-ft...

[Feng Ouyang · Rating 4 out of 5]

"Wait: The Art and Science of Delay" by Frank Partnoy offers a compelling exploration of how time influences our decisions and actions. Partnoy, a law professor with a background in modern finance, examines the impact of the "time factor" on our experiences, decisions, and effectiveness across various scales, from milliseconds to decades. In doing so, he draws from a wide range of research, seamlessly connecting diverse studies to present valuable insights on managing and thinking about time more effectively.

One of the central themes of the book is the value of delaying decisions. While society often celebrates a "pro-action" attitude—acting quickly to seize opportunities—Partnoy argues that there is significant merit in postponing decisions until the last possible moment. This approach allows for more time to observe, adapt, and gather information, which ultimately enhances the quality of our decisions. When faced with evolving or uncertain situations, waiting to act until more data is available can lead to better outcomes, as it provides a clearer understanding of potential developments and how others might respond.

Partnoy delves deeply into the distinction between subconscious and conscious decision-making processes, which he likens to two "tracks" in the human mind. Subconscious, rapid decisions often serve us well in familiar, routine activities like driving. In such cases, overthinking can hinder performance and lead to mistakes. However, in unfamiliar situations, reliance on quick, subconscious decisions can be disastrous. Experts, such as firefighters or military commanders, must recognize when they are in uncharted territory and consciously slow down their decision-making to allow for more deliberate, conscious processing. Partnoy emphasizes that even inaction is often preferable to rash action in such scenarios.

The concept of "thin slicing," or making judgments based on minimal information, is another interesting aspect discussed in the book. While this quick assessment can be effective, it is not without risks. Relying on thin slicing can lead to harmful stereotyping or inaccurate conclusions, especially in situations that demand more careful analysis. Once again, Partnoy suggests that slowing down the decision-making process is the antidote to these potential pitfalls.

Another key area Partnoy addresses is the challenge of balancing short-term and long-term interests. In our fast-paced world, there is often an excessive focus on immediate gains, such as corporations prioritizing quarterly earnings or workers concentrating on current income. This narrow time horizon can result in long-term consequences that are detrimental to our overall goals. The book reminds us that excessive concerns about present value often lead to impatience when considering gains and procrastination when faced with costs, ultimately resulting in suboptimal choices. Partnoy urges readers to adopt a more balanced approach by extending their time horizons to make better-informed decisions.

Partnoy also encourages us to rethink our relationship with time itself. He points out that many people view time as a scarce resource, especially when income generation is tied to hourly wages. This mindset can make individuals reluctant to engage in activities that do not directly generate income. Partnoy proposes a shift in perspective: instead of treating time as a commodity, we should view it as a stage on which we live our lives. By focusing on our goals and values, rather than constantly striving to save time or increase profit, we can achieve a more fulfilling existence.

The book's structure follows a progressively expanding timeline, starting with split-second reactions in tennis and baseball, before shifting to broader concepts like career planning and long-term investment. Although the stories and facts are undeniably engaging, their impact is diminished by a lack of clear, logical connections. The author could significantly strengthen the book's message by identifying and unifying the common lessons that emerge across these varying time scales, as this review attempts to demonstrate. By integrating insights across both the shorter and longer time frames, the book could provide readers with a more profound and interconnected understanding, ultimately making its teachings far more memorable and actionable.

In conclusion, "Wait: The Art and Science of Delay" offers a fascinating journey into the concept of time and its influence on decision-making. Through an engaging blend of research, stories, and examples, Partnoy challenges the conventional belief that "faster is always better." He advocates for a deliberate optimization of the pace at which we make decisions, emphasizing the benefits of waiting to gain better clarity, engage conscious thinking, and achieve long-term success. This thought-provoking book not only introduces us to a new perspective on time but also provides practical advice for applying these insights to our everyday lives. "Wait" is both enlightening and immensely useful, making it a valuable read for anyone seeking to improve their decision-making skills and gain a deeper understanding of the art and science of delay.

[Nathan Albright · Rating 4 out of 5]

In general, I would say that my feelings towards this book are mixed to positive, in general.  This book certainly belongs as part of those pseudoscientific books that seek to use scientific research to support particular worldviews about matters that are more social or cultural in nature [1], and your fondness for this book in particular is likely related to your fondness for that sort of pseudoscience in general.  As my views to the approach are highly ambivalent, my own perspective towards this book is colored accordingly.  It was interesting to see the author take on a subject that was related but distinct to that of the first book of his I had read, but at the same time this book was not as impressive to me as the extent to which the author appeared to be impressed with himself in his attempts to legitimize a patient and pokey approach in many areas of life--including investing--given our lack of expertise and mastery of the subject at hand.  And even if I am inclined to be a somewhat pokey person myself whose intuition is generally in the service of someone inclined to be rather less than aggressive in acting on my understanding, that does not mean I necessarily always appreciate how that mindset is defended here.

In this book of about 250 pages or so, the author divides his material into fourteen chapters that generally have click-baity titles that are designed to draw the attention of the reader in a Gladwellian fashion.  After an introduction, the author introduces his subject with a discussion of hearts and minds and the connection of gut responses to situations and the action of nerve cells in various brain systems (1).  After that, the author discusses superfast sports (2), and fast and slow approaches to high-frequency trading (3).  The author examines concerns about subliminal messages in fast food advertising as well as frontal nudity in various movies (4) and discusses a notoriously bad call in football that led directly to a loss (5).  He discusses thin-slicing and its hazards (6), advises readers not to panic (7), compares the tension of first dates with stress of being a fighter pilot (8), and gives a politically biased interpretation of when it is best to eat crow (9) that shows itself in favor of Clinton's approach.  The author then turns, at last, to the issue of procrastination (10), provides a master class on investing (11), and tells people get off the clock and refuse to let themselves be controlled by it (12) before finishing with a praise of 3M's previous attitude towards innovation (13) and an urging of people to take the long view rather than the short one in life and politics (14).

Ultimately, this book would be a lot more successful if the author had a different approach.  It is not so much the attitude towards delay that makes this book problematic but the way in which the author shows himself to have political and philosophical views that are antithetical to my own.  In a book like this, where the author is basing his opinion on the behaviors of Nobel prize-winning economists towards sending packages of clothing and the patience of dogs, small children, and pigeons, approach matters a great deal.  An author that supports contemporary left-wing causes and Democratic politicians and uses dubious scientific studies and misguided views of evolution to justify his position may be arguing for the right thing but is doing so the wrong way.  And when it comes to matters that touch on politics and worldview, for this reader at least, how one legitimizes one's position is just as important as the position one takes, and this author fails.  For readers who are less critical about the author's approach, this may be a book they deeply enjoy.

[1] See, for example:

https://edgeinducedcohesion.blog/2018...

https://edgeinducedcohesion.blog/2015...

https://edgeinducedcohesion.wordpress...

https://edgeinducedcohesion.wordpress...

https://edgeinducedcohesion.blog/2018...

[Raz Pirata · Rating 4 out of 5]

WAIT - The Art and Science of Delay

“Leave now for dogs and apes, man has forever” Robert Browning

When it comes to making decisions we are severely impacted by the influence of time. In Wait - The Art and Science of Delay author Frank Partnoy tries to make sense of the often-overlooked question at the heart of every decision we make, when?

What we learn in Wait is how to manage and perceive time when having to make a decision. That most of the time, most of us react too quickly when deciding, that we don’t or can’t take the time required to work through decisions properly in an increasingly complex world. Either that or we procrastinate our decisions unendingly. Either way, leading to less appealing outcomes.

Equipped with the knowledge that delay can turn a bad decision into a good one and vice versa, Partnoy helps us to think about time with regards to decision making in such a way that we may be able to find a ‘sweet spot’ that will help us become better decision-makers

By walking the reader through the well-trodden path of how our physiology, psychology and emotions impact our decision making the author sets the foundation for us to understand that with this knowledge we are able to find the space we need to make improved decisions. That there is a cost to rushing decisions and that learning to optimize delay will allow us to maximise the benefits of not reacting instantly.

“Don’t just do something, stand there” Dr J Graham

Where Wait provides maximum impact is with regards to ‘time manipulation’. Partnoy invites us to think about time differently. He introduces us to the idea of ‘time warping’. That our mind makes our perception of time elastic. That we can “get off the clock”. The idea here is that the majority of human behaviour is governed by what the author calls “clock time”. A concept made up of approximated and fabricated arbitrary units. That we would be better off to also be thinking about ‘event time’. To start and stop things based on the event you are engaged in itself as opposed to what ‘time’ it is.

The goal of Wait is to help us appreciate and understand the value of time. That it is our most precious commodity. That master decision-makers and performers have learned how to manipulate time to their advantage. They know how to manage it, how to go slow and act decisively, to avoid rushing and procrastination while waiting for precisely the right time to act.

For those of us who want to perform better, think better and make better decisions, Wait - the Art and Science of Delay is a valuable resource. Full of interesting stories and facts it allows us to reflect on and improve our decision-making process as it reminds us to think, “what is the maximum amount of time we can take within (a) period to observe and process information about possible outcomes”. We are all in a hurry to make better decisions but maybe it would be better to just ‘wait’.

Overall Score: 4.1 / 5

In a sentence: “wise decisions require reflection and reflection requires a pause”

[Hoyoung Alex · Rating 4 out of 5]

Getting off the clock to be more effective, understanding the Einstellung Effect that explains why chess players, once have seen 5-move checkmate play (this also explains why companies want to cross-train and cross-polinate ideas and people, why they have open office space) has difficult time seeing the 3-move play, why expediency doesn't always bring good results (the example of high-frequency trading, when UNX relocated their system to NY they actually had worse result), why even seemingly the most rational economist would delay sending a box to his colleague for 8 months, why Jon Stewart waits until the very last moment to use pauses and let the silence do the work for his joke. Why it's better to eat the crow while it's warm not too hot or cold. This is after a politician wrongly accused of Bill Clinton of having an illegal meeting and apologizing after giving some time for his colleagues to react. This is also why Anthony Weiner's apology was ineffective and why some of other politicians apology was more effective even though Weiner's mistake was a lot less serious than the others. Satellite delays play a role in making the phone conversations go smoothly. Optimizing delay until the serve is perfect (e.g. baseball and tennis).

How system 1 (intuition) can be buttressed by years of studying and experimenting by system 2 (deliberation) and how they work together.



Other harmful effects of not waiting (for instance, seeing a fast-food restaurant logo makes people more impatience and less satisfied about what they are reading, getting paid hourly makes people equate the time to whatever they get paid hourly so they enjoy life less).

Making good decisions is about considering alternatives and probabilities.
"Central element of good decision-making is a person's ability to manage delay".

In the concluding chapter there are a lot of philosophically interesting, challenging questions such as the value of human life, how to view a climate change problem (10b lives in 500 years or the lives we have today? how much should it cost?) This was a really interesting book that can help a person like me. I'm very impatient. I've considered to buy a car but now I know what the discount rate is and how it can help me delay car purchase. It also shows that fundamentally, humans are prone to error. We cannot escape it. Just as pigeon would peck away to get food right away it's hard for humans to really be future-oriented thinkers. We are all irrational, even George Akerlof. Procrastination is as bad as impatience. But procrastination is good and shouldn't always be viewed as something negative. For example, we are ALWAYS procrastinating if we have the option of A,B,C and we choose to do B that day we are procrastinating on D, E, F, G. Some of these rightly should be procrastinated on especially when they are unimportant.

[Richard Thompson · Rating 4 out of 5]

I don't know. Maybe he's right. I'll have to wait and think about it. Maybe too soon to write a review...

What the heck, I'll go ahead anyway, even if Mr. Partnoy thinks that making my decisions about his book so soon after finishing it will be suboptimal.

The basic thesis here is that you make better decisions when you wait as long as possible under the circumstances before you commit. According to Mr. Partnoy, top batters in baseball and cricket and tennis players who are good at returning serves wait as long as they can to react to the ball coming at them, even though the maximum possible time that they can wait is measured in milliseconds. I'm not entirely sure that he is correct on this one. I'd bet that there is some amount of physical response or the body preparing for physical response as soon as the visual of the ball coming at you registers, even if the finesse and the qualities that separate the great from the good come a little later. Mr. Partnoy claims that in general people who wait as long as they can and who train their bodies to not respond with panic to quick decision pressures are happier with themselves and make better decisions. It's an appealing thesis, and he makes good arguments about why it is so, but I was still not 100% convinced, though I was persuaded that people who make quick intuitive system one decisions often take longer that we might think to come to rapid conclusions about complex situations and that inventions and discoveries that are touted as flashes of genius are often the product of long years of consideration that add up to the final result. I was also persuaded that behavior that looks like procrastination can often really reflect wise postponement. At the end of the book, Mr. Partnoy switches from discussing the timing of decisions to an analysis of decisions about timing, focusing on the sad reality that we tend to apply mental discount rates that are far too high so that it seems rational to act impulsively and to choose not to act on problems of massive long-term harm that are far out into the future. All of this is worth thinking about. I was happy to have Mr. Partnoy to get my mind going in this area, even if I'm not ready to come to a quick decision about it.

[Christian · Rating 4 out of 5]

This book follows a very agreeable logical chain starting with decisions and reactions spanning mere milliseconds, and throughout the course of the book reaches time spans of years and decades, and the ramifications of taking too little or too much time in each span. This book very strongly urges against taking too little time as the most common threat and temptation we face every day, as that is the most common mistake to which are fast-paced society naturally lead us to.

Some takeaways I will try to remember from this book:
- it is extremely important to gain information and put in the work to understand things completely, because experts as opposed to novices know how to manipulate time and they know just how long to spend on something To maximize their effectiveness.
- it is almost always safer to err on the side of taking more time to gather more information or even to consult other experts if that thing is not your expertise or if you find yourself in a situation which you have not encountered before
- it is important for companies to take a longer view of their employees, especially as the world moves towards placing even greater importance on creativity and innovation, a process that generally takes more time than less
- even though I do not generally agree with implicit bias training I think that it is undeniable that we all grew up in a milieu of values, opinions, and beliefs which we internalize. When we view other people or new opinions then it would be wise to stop and pause to review how they mesh with your current values in order to remain open minded
- however much time you have, always put off making the decision until the very end of that allotted time because you will have maximized your information gathering and will make the most informed decision possible (Or try to at least)

And many more! Good book.

[Anthony · Rating 5 out of 5]

Frank Partnoy (2013) WAIT: THE ART AND SCIENCE OF DELAY (AUDIOBOOK)
BorrowBox - Bolinda/Audible Audio

⭐️⭐️⭐️⭐️⭐️ 5 out of 5 stars

The sleeve reads, "Warren Buffett compares stock trading to great athletes: They excel, not because of fast neurological responses, but because of their ability to delay as long as possible before reacting. Successful CEOs, fire fighters, and military officers all know how to manage delay to gather as much information as possible to get the results they need. In Wait, Frank Partnoy argues that decisions of all kinds, whether 'snap' or long-term, benefit from being made at the last possible moment. The art of knowing how long you can afford to delay before committing is at the heart of many a great decision, whether in a corporate takeover or a marriage proposal. Apologies are better received if they are not rushed; audiences listen more attentively if speakers pause first, people who can defer gratification are happier and more successful than those who must have everything now. Exploring decisions that must be made in a millisecond compared to those that take months and years, Partnoy demonstrates that the ability to wait is crucial to getting the right answer and that gut instincts are often wrong. Frank Partnoy was a trader at Morgan Stanley before turning from gamekeeper to poacher and becoming professor of law and finance at the University of San Diego. He is one of the world's leading experts on the complexities of modern finance and financial market regulation and writes regularly for the Financial Times. He is also the author of several books."
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Very very interesting - really really recommend this one.
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#FrankPartnoy #Wait #Books #Read #Reads #Reading #Review #Reviews #BookReview #BookReviews #GoodReads

[amanda mei · Rating 5 out of 5]

grateful is the word i’m using to describe how i feel about reading this book in particular. to have it fly by, missed, in my recommended list in libby would have been a tragedy. i would highly recommend this book to anyone interested in psychology or enjoys nonfiction in general!

of note is the difference of active and passive procrastination, which i have compared thoughtfully in my head to my theory of and favoritism towards "productive procrastination". the former involves choosing to leave something for later as it's not necessary in the current moment (e.g. planning your wedding when you're not yet engaged!), while the latter is delaying something against your best interest.

also of note is the art of apology--in other words, delayed apology. i have been criticized (a lot) for being overly-apologetic and for saying sorry too often. i prescribe it to my typically passive and deferential attitude towards my interactions with other people. even my team lead has mentioned to me that i need to sound more confident when i speak. perhaps by being more intentional on when i apologize relative to what i'm apologizing for, my genuineness will be more apparent.

1. acknowledge that you did it
2. explain what happened
3. express remorse
4. repair damage as much as you can

with pauses between.

to not spoil everything from the book, because you always get more from the book by reading it yourself, i would say this book is about using intuition and analysis, not too much of one nor too much of the other. in other words, (1) lead with the head and the heart, (2) choose wisely when to eat the frog and the crow, and (3) you’re always procrastinating, because procrastinating is “not doing something” and you’re always not doing something.

[Brad McKenna · Rating 4 out of 5]

The repeated message of the book was: "Wait as long as you can before making a decision."
But I learned a lot of examples of that from this book, such as:

The Vagel nerve has two parts: the reptilian nerve and the mammalian nerve. It’s where the fight, flight, or freeze reactions come from. A variable heart rate at these times is better than a steady one.

Professional athletes pick up visual cues no faster than couch potatoes 200 milliseconds (400 is the blink of an eye), they’re better because their physical prowess allows them to wait until the last possible moment to react to said cue.

Subliminal messages make people feel uncomfortable because it happens in dozens of milliseconds, too fast to pick up the cue consciously. So while commercials are indeed manipulative, subliminal messages are manipulations we can’t even be aware of.

It was well done, though, at times Mr. Partnot seemed to take his message of "Wait" to extremes. For example, there's a chapter on a football coach and the decision that changed his life. Mr. Partnoy takes his time to set the scene and when he gets to the pivotal moment, he goes off and describes the science behind waiting. He circles back around and links what he's currently talking about with the coach before veering off once more. He does this a number of times before finally telling what happened to the coach. I found myself saying, "get on with it already!"

And that might be the best reason I can provide that this book's message is a good one.