Thinking in Bets

May 14, 2019

In poker and throughout our lives, we should try to maximize the time we spend in favorable situations and minimize our time in unfavorable ones. Poker players are too quick to quit when they are winning. They look for any excuse to put the session in the (non-existent) win column, and the same players will refuse to quit a losing game. The same thing happens outside poker: sales professionals not giving up on a dead lead; investors unwilling to sell their losing investments. Annie Duke examines how the interaction of many cognitive biases (including loss aversion and sunk-cost bias) drives this behavior. These tendencies cause us to miss good opportunities and continue playing when the odds are against us. She provides strategies that prevent us initially making these poor decisions and how to take a longer term view. The strategies apply in the workplace, to parenting and to other personal decisions.

Looking for Annie's presentation slides? Access them here.

 

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