Quotes About Making Good Out Of Bad

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Quotes About Making Good Out Of Bad

This mindset, known as loss aversion, the sunk-cost fallacy, and throwing good money after bad, is patently irrational, but it is surprisingly pervasive in human decision-making.65 People stay in an abusive marriage because of the years they have already put into it, or sit through a bad movie because they have already paid for the ticket, or try to reverse a gambling loss by doubling their next bet, or pour money into a boondoggle because theyve already poured so much money into it. Though psychologists dont fully understand why people are suckers for sunk costs, a common explanation is that it signals a public commitment. The person is announcing: "When I make a decision, Im not so weak, stupid, or indecisive that I can be easily talked out of it." In a contest of resolve like an attrition game, loss aversion could serve as a costly and hence credible signal that the contestant is not about to concede, preempting his opponents strategy of outlasting him just one more round.
— Steven Pinker —

One minute you are here and the next moment you are some place else, some time a long ago. That is the thing about your mind. Memories. Everything still exists in the folds of your brain; you may try to forget or honestly believe that you have forgotten but nothing is ever erased. Every memory is registered, good or bad does not matter. Sometimes you bring some out on purpose, sometimes some memory jumps at you on its own, shocking you, shaking you, making you realize how far you have come and at the same time proving to you that you can never really go far enough.

— Arti Honrao

Risk, as first articulated by the economist Frank H. Knight in 1921,45 is something that you can put a price on. Say that you'll win a poker hand unless your opponent draws to an inside straight: the chances of that happening are exactly 1 chance in 11.46 This is risk. It is not pleasant when you take a "bad beat" in poker, but at least you know the odds of it and can account for it ahead of time. In the long run, you'll make a profit from your opponents making desperate draws with insufficient odds. Uncertainty, on the other hand, is risk that is hard to measure. You might have some vague awareness of the demons lurking out there. You might even be acutely concerned about them. But you have no real idea how many of them there are or when they might strike. Your back-of-the-envelope estimate might be off by a factor of 100 or by a factor of 1,000; there is no good way to know. This is uncertainty. Risk greases the wheels of a free-market economy; uncertainty grinds them to a halt.

— Nate Silver

The myth that if you don't start early, you might as well not start, tends to be a self-fulfilling prophecy. The music-making world that young people confront reminds me a lot of the world of school sports. After a lot of weeding out, in the end you've got a varsity with a few performers and an awful lot of people on the sidelines thinking, "Gee, it's too bad I wasn't good enough." We need to be careful about that. There seems to be an unspoken idea, in instruction of the young, that the people who start the fastest will go the farthest. But that's not only an unproven theory; it's not even a tested theory. The assumption that the steeper the learning curve, the higher it will go, is also unfounded. If we did things a little differently, we might find out that people whose learning curves were much slower might later on go up just as high or higher.

— John Holt

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