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Annie Duke on Knowing When to Quit
The Daily Stoic
I'm Just Going to Drive Six Hours a Day
When taxi drivers reach their earnings goal of $300, they tend to quit. However, if they kept driving until they made 15% more than their goal, they would have earned more. This is because when there are lots of fares, they make more money. The irrational desire to reach their goal makes them continue driving even when they are losing money. It would have been more profitable for them if they had a consistent driving schedule instead.
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