In her book, Quit: The Power of Knowing When to Walk Away, Annie Duke shares her inspiration and recommendations to help us make better decisions.
These are some of my favorite recommendations from reading the book.
Chapter 4 Escalating Commitment
“When we are in the losses, we are not only more likely to stick to a losing course of action, but also to double down. This tendency is called escalation of commitment.”
“Escalation of commitment is robust and universal, occurring in individuals, organizations, and governmental entities. All of us tend to get stuck in courses of action once started, especially in the face of bad news.”
“Escalation of commitment doesn’t just occur in high-stakes situations. It also happens when the stakes are low, demonstrating the pervasiveness of the error.”