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#609 - Uri Gneezy - How To Understand Psychological Incentives
Modern Wisdom
The Pay to Quit Strategy
"I teach negotiation and I tell my students that no matter what, they shouldn't lie in negotiation," he says. "The one exception is that when you apply for a job, even if you're not excited, you should pretend that you're excited." He offers people the chance to quit by paying them $10,000: "If you want to leave, here's $ 10,000, let's depart as friends" The pay-to-quit strategy works because it gives workers an incentive to be honest with each other about their feelings or jobs.
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