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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 … - Annie Duke
" "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.
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Also Known As
Birth Name:
Anne LaBarr Lederer
Alternative Names:
Anne LaBarr Duke
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Annie Lederer
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Anne Lederer
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Additional quotes by Annie Duke
Precision uncovers disagreement. It uncovers places where your belief is different from someone else's belief. And that's good, because you want to find out when you have something wrong. It gives you the chance to get it right. Think about it like this: Saying "2 + 2 is a small number" will help you get better at math, but it won't help you become an expert. "A small number" is technically correct, but it is much more helpful for your teacher to find out if you think the answer is 5, or 2, or 4, which are all small numbers. It's true that the less precise answer makes it harder to be wrong, but you want to find out when you have the wrong answer if you are going to get better at math.
John Maynard Keynes, one of the most influential economists of the twentieth century, summed up this phenomenon well when he said, "Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally." Succeeding unconventionally carries with it the risk of experiencing failure as a result of veering from the status quo.
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