The idea of, well, I've made what I need to make today. So I'm going to cut out early. Right? That was the heuristic that the cab drivers were losing. And this is where we can see this difference between in the gains and in the losses. If you get to your 300 really quick, that means the next hour that you're driving actually rates to be a really good hour for you. But even if they choose some random strategy, like just don't even think about whether the fares are good or bad,. They would still make 8% more than they were strategy that caused them to quit too early and quit too late. It's like a coin-
#424: We’re taught to stay in the game.
Persist. Be gritty. Try, try again.
But sometimes, the best decision is to walk away. Move on.
How do you know when that’s right? When should you double-down … and when should you fold?
Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills.
Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit.
It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice.
She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life.
For more information, visit the show notes at https://affordanything.com/episode424
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