Careers: Aligning Stated and Revealed Preferences

Careers and success are perceived as far more linear than they really are. Status quo bias, excessive focus on short-term compensation and the need to preserve option value at all costs can lead individuals to remain in unfulfilling jobs long past the optimal time to make a change. For the most part, doors rarely close completely, and the downside risk of exploring new career paths is often lower than perceived, especially for those with reasonable privilege - i.e., anyone who is very unlikely to end up homeless or even uncomfortable no matter what career path they go down. Much like the angst we experience in dating, our evolutionary wiring can cause us to feel disproportionate anxiety about our careers, given their significant impact on our perceived value. But this anxiety often fails to accurately reflect the actual risks associated with making bold career choices.

Links and Resources:
The Optimal rate of failure by Amanda Askell
Using Weighted Factor Models, Charity Entrepreneurship