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The lessons from "Algorithms to Live By: The Computer Science of Human Decisions" can be applied in today's business environment in several ways. Firstly, businesses can use algorithms to optimize their operations and decision-making processes. For instance, they can use sorting algorithms to organize data more efficiently, or use machine learning algorithms to predict future trends and make informed decisions. Secondly, the book also emphasizes the importance of making good enough decisions rather than striving for the absolute best, which can be a valuable lesson for businesses in terms of resource allocation and time management. Lastly, the concept of 'exploiting vs exploring', which is discussed in the book, can also be applied in a business context where companies need to balance between exploiting existing markets and exploring new opportunities.
Question was asked on:
Laura Carstensen, a psychology professor at Stanford, hypothesized that people strategically reduce their social circles as they get older. In one study, people were asked if they would rather spend 30 minutes with an immediate family member, an author that wrote a book they read recently or someone they'd met who appeared to share their interests. Older respondents chose the family member, while younger people chose to make new friends.
Asked on the following book summary:
Can computer science teach us the secrets of life? Perhaps not, but they can shed light on how certain everyday processes work and how to exploit them...
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