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" "habit Phil Ivey is one of those guys who can easily admit when he could have done better. Ivey is one of the world's best poker players, a player almost universally admired by other professional poker players for his exceptional skill and confidence in his game. Starting in his early twenties, he built a reputation as a top cash-game player, a top tournament player, a top heads-up player, a top mixed-game player — a top player in every form and format of poker. In a profession where, as I've explained, most people are awash in self-serving bias, Phil Ivey is an exception. In 2004, my brother provided televised final-table commentary for a tournament in which Phil Ivey smoked a star-studded final table. After his win, the two of them went to a restaurant for dinner, during which Ivey deconstructed every potential playing error he thought he might have made on the way to victory, asking my brother's opinion about each strategic decision. A more run-of-the-mill player might have spent the time talking about how great they played, relishing the victory. Not Ivey. For him, the opportunity to learn from his mistakes was much more important than treating that dinner as a self-satisfying celebration. He earned a half-million dollars and won a lengthy poker tournament over world-class competition, but all he wanted to do was discuss with a fellow pro where he might have made better decisions. I heard an identical story secondhand about Ivey at another otherwise celebratory dinner following one of his now ten World Series of Poker victories. Again, from what I understand, he spent the evening discussing in intricate detail with some other pros the points in hands where he could have made better decisions. Phil Ivey, clearly, has different habits than most poker players — and most people in any endeavor — in how he fields his outcomes.
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Staw's central insight about escalation of commitment is that the phenomenon is not confined to matters like the Vietnam War, a complex geopolitical conflict with national pride wrapped up in it. His laboratory and field experiments show that whether it is on the level of an individual, an organization, or a governmental entity, when we're getting bad news, when we are getting strong signals that we're losing — signals that others plainly see — we don't merely refuse to quit. We will double and triple down, making additional decisions to commit more time and money (and other resources) toward the losing cause, and we will strengthen our belief that we are on the right path.