272 - Quit! - Annie Duke (rebroadcast)
You Are Not So Smart
Setting Loss Limits for Better Decision Making
Human decision making is prone to errors, and individuals are often faced with challenging decisions, especially when dealing with losses. To improve decision making, it can be helpful to plan in advance how to avoid temptations or make better choices. One effective strategy is to set loss limits, which preemptively determine a point at which to stop and reassess the situation. By establishing these limits ahead of time, individuals acknowledge their potential for poor decision making in the heat of the moment and take proactive steps to mitigate it.
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