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Tuesday, December 10, 2013

Greg Mankiw: The Overoptimism of Research Assistants

...Larry told me that his research assistants always vastly underestimated how long any task would take. His rule of thumb: Double the estimate the RA gives, and then move to the next higher time unit. So, if the RA says the task will take an hour, it will take two days.  If the RA says it will take two days, it will take four weeks.

Source: Greg Mankiw "The Overoptimism of Research Assistants"

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