Quote by DAVID J. EPSTEIN - Deepstash

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.”

DAVID J. EPSTEIN

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