We’re taught to stay in the game.
Persist. Be gritty. Try, try again.
But sometimes, the best decision is to walk away. Move on.
How do you know when that’s right? When should you double-down … and when should you fold?
Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills.
Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit.
It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice.
She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life.
Approximate timing of discussion points as of January 2023:
02:32: Interview begins
02:51: Why should we know when to quit?
05:39: The three reasons it’s hard for us to walk away
11:29: Making decisions based on expected value
14:28: The role of ambiguity aversion and preferring the status quo
21:15: Thinking through the risk of ruin
24:54: Making decisions and the option to quit
31:50: Acting on good news vs bad news
50:12: How do we get better at quitting?
- Quit: The Power of Knowing When To Walk Away | Book by Annie Duke
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