The Sunday Brew #73
In this brew - State of 5G in a picture | Bounded Rationality & The Map is Not the Territory | Time Zones on Moon, Tesla's Robotaxi Announcement and Yahoo acquires Artifact
Welcome to The Sunday Brew, weekly 1-2-3 newsletter by The Percolator. Every Sunday we drop in your inbox 1 story in a picture, 2 concepts, ideas or frameworks to expand your horizons and 3 news from the week, to keep you updated.
If you are not a paid subscriber, here is what you missed last week:
ONE STORY IN A PICTURE
TWO IDEAS, FRAMEWORKS OR CONCEPTS
This week we bring to you two logical fallacy - Bounded Rationality & The Map is Not the Territory
Bounded Rationality
Bounded rationality is a concept introduced by economist Herbert Simon in the 1950s to challenge the traditional economic theory of rational decision-making.
It suggests that when individuals make decisions, they do not have unlimited cognitive abilities or access to all relevant information. Instead, decision-makers operate within cognitive limitations and constraints, leading to a form of "bounded" or limited rationality.
Key aspects of bounded rationality include:
Limited Information: Decision-makers often have access to only a subset of all available information relevant to a decision. Gathering and processing all possible information would be impractical or impossible due to time, cost, or cognitive constraints.
Cognitive Limitations: Human beings have finite cognitive resources, including attention, memory, and processing capacity. As a result, they cannot thoroughly analyse every possible alternative and outcome when making decisions.
Satisficing: In light of limited information and cognitive resources, individuals may employ a strategy called satisficing, where they aim to make decisions that are "good enough" rather than optimal. Instead of maximizing utility or profit, satisficing involves selecting the first alternative that meets a satisfactory level of criteria.
Heuristics: To simplify decision-making, people often rely on heuristics or mental shortcuts. These heuristics help individuals quickly evaluate options and make judgments, but they can also lead to biases and errors in decision-making.
Bounded Willpower: Bounded rationality also considers limitations in self-control and willpower. Individuals may struggle to maintain long-term goals or resist immediate temptations due to limited self-regulatory resources.
Bounded rationality has implications across various fields, including economics, psychology, and organizational behaviour. It suggests that decision-making processes are inherently flawed and subject to biases and errors, contrary to the assumptions of classical economic theory.
By understanding the constraints of bounded rationality, researchers and practitioners can develop strategies to improve decision-making processes, such as providing decision support tools, simplifying information presentation, and designing decision environments to reduce cognitive load.
🚀
The Map is Not the Territory
"The map is not the territory" encapsulates the notion that our understanding of reality, represented by mental constructs or models, is inherently distinct from reality itself. Introduced by Alfred Korzybski within the framework of general semantics, this concept underscores the subjective nature of human perception.
Consider a map: a simplified representation of geographical features. While it aids navigation, it cannot encompass every detail of the actual terrain. Similarly, our mental models, shaped by individual experiences and perspectives, are abstractions that help us navigate life's complexities. Yet, they inevitably fall short of capturing the entirety of reality. Each person's map differs, reflecting their unique interpretation of the world.
The concept emphasizes the incompleteness of our mental models. No matter how intricate, they cannot fully encapsulate the richness and depth of reality. This distinction between the map and the territory is crucial for effective communication and understanding.
Failure to recognize this disparity can lead to misunderstandings and conflicts. Thus, embracing humility and openness becomes essential. By acknowledging the limitations of our mental constructs, we remain receptive to new perspectives and information. This fosters adaptability and growth, enabling us to refine our understanding of the world.
THREE NEWS FROM THE WEEK
Moon Watch: Incoming Lunar Time Zone!
Get ready for a new time zone – but not on Earth!
To keep things running smoothly as missions to the moon ramp up, NASA is leading the charge to establish a standardized timekeeping system for our lunar neighbour: Coordinated Lunar Time (LTC).
This initiative, spurred by the White House, aims to prevent confusion and ensure mission success. Imagine multiple teams working on the moon without a common reference point – it could lead to scheduling snafus, navigation errors, and inconsistencies in lunar maps.
Here's why the moon needs its own time zone: time itself ticks a little differently there. The moon's weaker gravity causes time to move ever so slightly faster – about 58.7 microseconds per day compared to Earth. LTC will account for this difference, providing precise timing crucial for delicate operations like spacecraft landings and scientific data transfers.
Developing LTC isn't a walk in the park. The moon's uneven gravitational pull throws another curveball, and international cooperation is vital to ensure this time zone becomes the universal standard for lunar activities. The European Space Agency (ESA) previously echoed this need for a common lunar reference point, highlighting the global nature of this endeavour. The deadline to finalize LTC is set for the end of 2026.
➖
Tesla Shifts Gears: Robotaxi Unveiling Set for August 8th
Tesla has just announced that it will unveil its much-anticipated ‘Robotaxi’ on August 8th, 2024. This news comes hot on the heels of rumours swirling around Tesla's future product roadmap, particularly after a report by Reuters claimed the company was ditching its affordable electric car plans to focus on the ‘Robotaxi’ project. Tesla CEO Elon Musk vehemently denied the report.
Unlike your average car, the Tesla ‘Robotaxi’ is a next-generation self-driving vehicle specifically designed for autonomous operation. Imagine hailing a ride without a driver – that's the future Tesla envisions. This futuristic machine ditches the steering wheel and pedals altogether, paving the way for a potential revolution in ridesharing and personal transportation.
The concept of the Tesla ‘Robotaxi’ isn't brand new. For years, Musk has hinted at a future where Tesla vehicles become income generators for their owners, seamlessly integrating into a Tesla-run ridesharing network. This ambitious vision hinges on achieving full self-driving (FSD) capabilities, allowing these vehicles to operate without human input.
Will Tesla deliver on its promises? Only time will tell. But one thing's for sure – the August 8th unveiling promises to be a turning point for the transportation industry.
➖
Yahoo Bolsters News Operations with Acquisition of AI Start-up Artifact
n a move to enhance its news delivery services, Yahoo announced the acquisition of Artifact, an AI-driven news aggregation platform, on April 2, 2024. Founded by Kevin Systrom and Mike Krieger, the co-founders of Instagram, Artifact was known for its innovative use of artificial intelligence to personalize user news feeds.
Yahoo plans to integrate Artifact's technology across its various platforms, most notably the Yahoo News app. This integration will leverage Artifact's AI-powered content curation capabilities to deliver a more tailored and engaging user experience. Users can expect to see news stories that are more relevant to their individual interests, improving overall user satisfaction.
The acquisition, finalized on March 29, 2024, underscores Yahoo's commitment to innovation in the digital news space. Systrom and Krieger will assume advisory roles at Yahoo, bringing their expertise in AI and social media to the company. This collaboration signifies Yahoo's strategic focus on incorporating cutting-edge technology to strengthen its position in the digital media sector.
The Sunday Brew by The Percolator brings to you curated news on tech, business & entrepreneurship, from across the internet to give your week a perfect start.
Share your thoughts and opinions on the topics covered in this newsletter by leaving a comment and joining the conversation.