The Most Consequential Bias That Stops Us From Quitting

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The sunk cost fallacy is the feeling that whatever resources we've spent on something already should count for whether we continue to do something. The most poignant example of this actually comes from war so I was talking to General Tony Thomas who he told me about how incredibly heartbreaking it was when his Gold Star parents would say to him don't allow my child to have died in vain and what they meant by that is my child died in vain because that means that my child will have die in vain. So sometimes the sunk cost is somebody's life that's been put into a conflict but if you were approaching the stock fresh today would it be one that you buy? You want to at any moment kind

What if becoming a better quitter was something to aspire to? Annie Duke thinks it is. She’s a national science foundation fellowship winner and bestselling author who’s used her background in psychology to become a successful poker player and business advisor. Lately, she’s spent time studying the power of quitting, a tool she argues is as important as grit, resilience, and sticking it out. The science shows we’re not great at it. We don’t fire quickly enough. We don’t quit soon enough. We don’t end relationships early enough. Why? Well, identity and goals play a role. Along with many of the messages our culture sends that err more on the side of stick it out than on the side of quit and try something else. Annie’s compelling book on the topic is titled, Quit: The Power of Knowing When to Walk Away. It’ll help you see how sticking with something that’s not working is just as much a decision as quitting. You’ll begin to view quitting as an important tool to add to your decision-making toolkit, especially when you understand better when to use it. Episode Links Into Thin Air by Jon Krakauer To Change, or Not to Change? Just Flip a Coin Horse by Geraldine Brooks The Team Learn more about host, Gayle Allen, and producer, Rob Mancabelli, here. Support the Podcast If you like the show, please rate and review it on iTunes or wherever you subscribe, and tell a friend or family member about the show. Subscribe Click here and then scroll down to see a sample of sites where you can subscribe.