Hey, does anyone know why Lam’s behavioral bias is not self-control? In the case it says he’s been saving for several years, but is behind schedule to ultimately fund for his retirement. Isn’t this self-control since he fails to save for the long term resulting in not enough saved for retirement, which is a consequence stated in the book for this bias?
Self-control seems a reasonable choice.
My reasoning behind it is that it doesn’t specifically specify what lead to him not being able to be on schedule to fund his retirement. For all you know his mother got very sick and he had to pay her medical bills which isn’t really sacrificing long term results for short term consumption which the self control bias states. Or that he’s been saving as much as he can but simply isn’t earning enough to fund his retirement goal.
Thanks!