Joshua Rothman reflects on the question:
What does it mean to say that a decade of your life is good or bad? That it was worthwhile, or a waste of time? Barring some Proustian effort of recollection, a long period of years, with its vast range of experiences and incidents, simply can’t be judged all at once. The best we can do is use what psychologists call “heuristics”: mental shortcuts that help us draw conclusions quickly.
One of the more well-understood heuristics is called the “peak-end rule.” We tend to judge long experiences (vacations, say) by averaging, more or less, the most intense moment and the end. So a grad student’s account of grad school might not be truly representative of what went on; it might merely combine the best (or worst) with how it all turned out.
The most wonderful students will be averaged with the grind of the dissertation; that glorious summer spent reading Kant will be balanced against the horrors of the job market. Essentially, peak-end is an algorithm; it grades graduate school in the same way that a software program grades those essays on the S.A.T. Sure, a judgment is produced, but it’s only meaningful in a vague, approximate way. At the same time, it raises an important conceptual question: What makes an experience worthwhile? Is it the quality of the experience as it’s happening, or as it’s remembered? Could the stress and anxiety of grad school fade, leaving only the learning behind? (One hopes that the opposite won’t happen.) Perhaps one might say of graduate school what Aeneas said of his struggles: “A joy it will be one day, perhaps, to remember even this.” Today’s unhappiness might be forgotten later, or judged enriching in other ways.