When should you quit? [Annie Duke]
The Examined Life
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Understanding Sunk Cost Fallacy
This chapter delves into the concept of sunk cost fallacy and its impact on decision-making, using real-world examples like career choices to illustrate the emotional difficulty of letting go of past investments. The discussion includes a thought experiment on concert tickets and highlights the entwined nature of identity with our decisions, emphasizing the importance of evaluating future potential over historical costs. Listeners are encouraged to seek external perspectives and consider opportunity costs as they navigate the complexities of quitting roles or pursuing new paths for greater happiness.
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