 |
Quitting is the tool that allows you to make that different decision when you learn [about] new information. It gives you the ability to react to the way the world has changed, your state of knowledge has changed, or how you have changed.
|
12 |
 |
…it’s so important to skill up on quitting, because having the option to quit is what will keep you from being paralyzed by uncertainty or being stuck forever in every decision you make.
|
12 |
 |
While it is true that quitting is one of your most important tools for making good decisions under uncertainty, it is also true that uncertainty is an impediment to making good decisions about quitting.
|
14 |
 |
…the only time you can be sure you should quit is when it’s no longer a decision, when you’re at the edge of the abyss or you’ve already stumbled into it. Then you have no choice but to abandon course.
|
15 |
 |
It shouldn’t be surprising that making good decisions about quitting requires mental time travel since the worst time to make a decision is when you’re in it.
|
30 |
 |
…when you are in the present, facing down the decision whether or not to cut your losses, [you’re] unable to see past what is happening right now.
|
30 |
 |
…the sunk cost effect… [is] a systematic cognitive error in which people take into account money, time, effort, or any other resources they have previously sunk into an endeavor when making decisions about whether to continue and spend more.
|
89 |
 |
In decisions about whether to move forward, they do take into account what they’ve already spent. They do this because they irrationally think that the only way to recover or justify the costs is if they continue on.
|
89 |
 |
Just because you know [sunk cost is] an error in theory doesn’t mean that you won’t fall for it when you are facing down these kinds of decisions.
|
92 |
 |
Because we put time or effort or money into anything we have started, the sunk cost fallacy affects all of our decisions about whether to stop.
|
95 |
