These aren’t just empty sayings. In some circumstances, they might make the difference between life and death. Scientists who model how organisms gather food, for instance, have found that survival could depend on one’s foraging strategy, like whether to aim high or settle for the status quo. Most of us today confront a similar but lower-stakes quandary. For instance, University of Wyoming bioeconomist Matthew Burgess has studied how fishermen maximize their catch. After they arrive at a patch in the ocean and catch a few fish, is it better to move on to another in hopes of more? Or keep working on one that’s already delivered?
In the case of the fishermen he once studied, Burgess found that it behooved them to keep on fishing if they’d stopped somewhere above average. “They do the best when you tell them to stay in a patch if it does slightly better than the average of the fleet,” he says.
They found that aiming too high resulted in worse outcomes than being more cautious, but a little caution went a long way. Accepting results that were less than average meant missing out.
Is comparing yourself to other people a good or bad thing?
Of course, few of us look out at the world with a clear understanding of how abundant rewards are.
But humans have Instagram, and it is likely that we try to estimate our own possibilities from what our peers post on social media.
Indeed, in the model, when individuals had to base their expectations of rewards on what the others found, they had a tendency to overshoot, leaving them with fewer rewards in the end.
She recalls a meme that circulated in academic circles a number of years ago: a “CV of Failures” put together by an economist in response to an article about the idea. 'Here are the jobs I didn't get, here are the grants I didn't get,” Landgren recalls. “I thought it was lovely, because it was a way of looking at the entire thing… It's actually liberating to say, when I look at these things from people who are really successful, I'm not seeing the whole picture.”
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