It was hot this morning, hot and humid, but a lot of people on the streets of London were wearing coats. Why? I have thought of a few possible reasons.

  1. It was cold when they left home. This is unlikely — I was out having a run at 0615 and it was not cold.
  2. They fear that it might be cold later.
  3. They automatically put a coat on from mid-September onwards.
  4. They automatically put a coat on when the weather is overcast.
  5. They do not yet have the heating on in the morning and were cold in the bedroom or bathroom.
  6. They do not carry umbrellas and want to protect their clothes if it rains.
Probably the explanation is a combination of 2-6.
Is this an instance of satisficing behaviour? People dislike cold and rain and adopt a rule that is good enough at making them less unpleasant — always put a coat on if… — even though on many days they will be hot and sweaty in their coats, and when it rains they will get wet hair.
Sometimes people whom I know well enough that I give voice to an inner monologue accuse me of moaning all the time. In fact I am generally not moaning, but re-examining my approach to some problem (how to put butter onto bread, how to get the best view of the beagles, how to minimise my journey time to work, to give three recent examples). I do not satisfice as much as my peer group. How far is this a useful tendency, and how far is it harmful by keeping too much in flux? As I have said before, one problem with my trading is that I am excessively open to changing my trading method.