Showing posts from March, 2007

The Principle of Minimum Regret

A clever guy (I'm not sure if he was wise or not) once remarked that he lived his life based on the principle of minimum regret. What that means is that whenever he was faced with a decision in life, he chose the option that he would regret the least. At first this might seem like a negative way of looking at things. Trying to minimize regret sounds very much like trying to live life the least painful way. But is it that simple? Does living life like this make one avoid actions that have a risk associated with it? Or can this actually encourage risk taking instincts? Lets apply this principle to a few scenarios all of us are typically faced with and see if it actually makes any sense.

The career paths we choose are usually near the top of the list of important decisions for most of us. So lets start with this question: What if one has the opportunity to participate in an exciting path-breaking venture that one is passionate about, with its inherent uncertainities versus a conventio…