Introduction Metcalfe’s Law, formulated by Robert Metcalfe, states that the value of a network is proportional to the square of the number of its users. This mental model highlights the significance of network effects and their relevance in decision-making processes. Understanding Metcalfe’s Law allows individuals and organizations to recognize the potential benefits and pitfalls of […]
Introduction In the realm of decision-making, there exists a cognitive bias known as rent-seeking that often leads individuals and groups astray, prompting them to make choices that run contrary to their own best interests. Rooted in human psychology, rent-seeking refers to the pursuit of economic gain through non-productive activities, such as manipulating regulations, securing subsidies, […]