85 percent were either “not engaged” with their work or “actively disengaged.” In that condition, according to Seth Godin, quitting takes a lot more guts than continuing to be carried along like debris on an ocean wave. The trouble, Godin noted, is that humans are bedeviled by the “sunk cost fallacy.” Having invested time or money in something, we are loath to leave it, because that would mean we had wasted our time or money, even though it is already gone. Writer, psychology PhD, and professional poker player Maria Konnikova explained in her book The Confidence Game how the sunk cost mindset is so deeply entrenched that conmen know to begin by asking their marks for several small favors or investments before progressing to large asks. Once a mark has invested energy or money, rather than walking away from sunk costs he will continue investing, more than he ever wanted to, even as, to any rational observer, disaster becomes imminent. “The more we have invested and even lost,” Konnikova wrote, “the longer we will persist in insisting it will all work out.”
3
3 reads
The idea is part of this collection:
Learn more about books with this collection
Proper running form
Tips for staying motivated
Importance of rest and recovery
Related collections
Similar ideas to DAVID J. EPSTEIN
Sunk-cost fallacy. Present yourself with the new options at hand -- without considering the sunk cost.
Narrow framing. When we're in situations that will repeat themselves over time, we should take a step back and play a game of averages...
These explanations are all irrational for preferring the status quo:
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates