Wait

April 23, 2012
Giving a thumbs-up to procrastination, financial expert Partnoy (Infectious Greed) notes that, while we “are hard wired to react quickly,” everyday experiences can be altered and improved by delaying decisions. He backs this claim with solid research across a variety of fields, from behavioral economics and neuroscience to psychology, animal behavior, finance, and law. Pacing is a key element in everything from race-car driving to comedy: “When a master comedian is on, he or she creates a new and warped world of time. The greatest comedians are masters of delay.” Even such quotidian questions as “When is the ideal moment to apologize?” are ruled by subtleties of time. Athletes know the value of delaying, as do CEOs and military strategists. Irene LaCota, head of the It’s Just Lunch dating network, refuses to include photos in profiles to keep her clients from making snap decisions. To illustrate the “slow hunch,” a full chapter details the two 3M scientists who patiently waited and persisted for 12 years while management decided whether Post-it Notes would be a good product. Entertaining and provocative, Portnoy probes and illuminates the complexities of human decision making with surprising insights and recommendations. Agent: Theresa Park, Park Literary Group.

Starred review from May 1, 2012
A leading expert on financial market regulation studies the virtues of delay and even inaction. In the aftermath of the 2008 economic crisis, Partnoy (Law and Finance/Univ. of San Diego; The Match King: Ivar Kreuger, the Financial Genius Behind a Century of Wall Street Scandals, 2009, etc.) asked "why our leading bankers, regulators and others were so short-sighted and wreaked such havoc on our economy." While there is a high premium today for speed, the author suggests that there are serious downsides to rapid decision-making, unless it is accompanied by long-term strategic thinking and planning. Partnoy's interdisciplinary approach uses elements of behavioral economics, neuroscience and even sports, as he shows how professional tennis and baseball players give themselves the extra milliseconds needed to process the trajectory of a ball before responding. Good judgment depends on allowing enough time for necessary mental processing to occur. The decision may appear to be spontaneous, but prior experience is almost always a factor--whether it occurs preconsciously, in milliseconds, or consciously, in seconds or longer time frames. Partnoy's results are groundbreaking and a potential corrective to modern pressures for rapid response, whether on the playing field, in high-speed computer trading and corporate boardrooms, or on the battlefield. The author argues that although circumstances vary--each having its own requirements--and one size does not fit all, society must foster long-term decision-making in addition to making time for better shorter-term efforts. A fascinating addition to the study of decision-making. File alongside Malcolm Gladwell, Dan Ariely, Jonah Lehrer and other similar writers.

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