Working It
How to know when it’s time to quit
Jul 2, 2024
Decision strategist and former poker champion Annie Duke discusses the misconception that quitting is always negative. The podcast explores the biases hindering timely quitting decisions and the benefits of embracing uncertainty in decision-making. Learn how setting deadlines and using kill criteria can enhance efficiency in strategic decision-making.
13:45
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Quick takeaways
- Recognize the fear of loss to overcome barriers and make timely decisions.
- Accept uncertainty, embrace learning, and adapt for better decision-making outcomes.
Deep dives
The Impact of the Fear of Loss on Decision Making
Individuals often focus on potential losses rather than gains when considering starting something new, leading to risk aversion and delay in decision-making. Cognitive biases like the sunk cost fallacy and loss aversion can keep people in situations that hinder their progress, even when unhappy. Recognizing the fear of loss and its influence can help individuals overcome the barriers to change and make more timely and beneficial decisions.
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