The Endowment Effect - How Does It Play Out?

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Barry Staw, who's a larger-than-life scientist and character, his father is actually a character in the book. He did some work with Ross in the 90s on this and then Colin Cameron replicated the work again. And he found that draft order was predictive, independent of the skill of the player,. for how much play time the player got and for how long their contract was.

Annie Duke is a former professional poker player, decision making expert, best-selling author, and fortunately, a repeat guest on the show. Our first conversation about Annie’s background and best-seller Thinking in Bets is replayed on the feed. Her latest masterpiece releases tomorrow. It’s called Quit: The Power of Knowing When to Walk Away, and I’m going on record predicting it will be a best-seller in short order. Our conversation covers Annie’s compulsion to write another book, our instinct for grit, the case for quitting, the emotional and cognitive biases that stand in our way, and some techniques to improve our ability to quit effectively. Along the way, Annie shares some terrific stories from the book about Everest, Sears, the NBA draft, and the California bullet train.

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