To a large extent, one’s lifestyle and the options available to one depend on choices made while relatively young: occupation, place of residence, and perhaps even long-term relationships. Suppose that for leisure, people can either choose quiet evenings with friends, c_q, or raucous parties, c_p. Suppose that when young, s_y, people strongly prefer raucous parties,

, .

Alternatively, when old, s₀, people strongly prefer quiet times with friends,

, .

Suppose that Chandra is choosing between majoring in business finance or recreation management. Both majors require just as much time and effort now and offer the same current opportunities for leisure. However, when old, those who majored in finance will only be able to engage in quiet time with friends (raucous parties could get you fired), whereas those in recreation management will only have access to raucous parties. Use the simple projection bias model to discuss what Chandra will choose. What degree of bias is required before Chandra chooses to enter recreation management? What advice might this suggest to students in general?

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