|
|
Quit:
Quit while you’re ahead…when the game you are playing or the path you are on is a losing proposition.
|
56 |
|
|
Quit:
If you are in a situation that carries with it a negative expected value, by all means quit. But keep going when you have a positive expected value.
|
56 |
|
|
Quit:
…field experiments show that… when we’re getting bad news, when we are getting strong signals that we’re losing… we don’t merely refuse to quit.
|
81 |
|
|
Quit:
Escalation of commitment is costly. If the participants had walked away sooner, they would have made more. It may feel like quitting slows us down, but… it is persistence that is often the culprit.
|
83 |
|
|
Quit:
…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 |
|
|
Quit:
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 |
|
|
Quit:
…the sunk cost effect causes people to stick in situations that they ought to be quitting.
|
89 |
|
|
Quit:
As the price tag goes, so does the effect of sunk costs.
|
90 |
|
|
Quit:
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 |
|
|
Quit:
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 |
