Ruth Saville

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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 ...more
Range: How Generalists Triumph in a Specialized World
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