Poker is a game everybody can play, but many don't know what it's all about. "If you really want to know what separates great players from amateurs, it's quitting," says the former pro poker player. The song Poker Face by Lady Gaga has become an anthem of sorts for John McEnroe in recent years.
Annie Duke is angry that quitting gets such a bad rap. Instead of our relentless focus on grit and "going for it," the former professional poker player, decision strategist, and author of Quit wants us to recognize the costs associated with sticking to a losing outcome. Listen as she explains to EconTalk host Russ Roberts how society's conflation of grit with character has made quitting unnecessarily hard, and why our desire for certainty harms our decision-making ability. Additional topics include the flawed mental accounting that makes us confuse wins for losses, what we can learn from ants, and the tragic story of how the refusal to quit cost 16 lives one terrible night at the top of Mt. Everest.