Tobi Lütke: Sunk cost fallacy is irrelevant if you continuously re-evaluate decisions
Tobi L–tke · Shopify CEO Tobi Lütke: Remote Work vs In-Person; The Benefit of Setting Constraints | E997 · 20VC with Harry Stebbings · Apr 3, 2023 · at 30:50
Tobi Lütke, CEO and co-founder of Shopify, explains how a truth-seeking mindset renders the sunk cost fallacy obsolete by continually evaluating the optimal next step.
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“And if you are interested in truth, it doesn't exist for a sunk cost fallacy because it's irrelevant. It's like, it's an input into your decision making process that you have been doing a certain thing, but you already knew this because you were doing whatever was best given your entire mental model. You, you're not You're trying to avoid continuation of previous ideas. What you want is every step, like every moment of your life. You ideally want to run a function over the entire search space of your mental model to decide what is the best possible next move for me. How, how should I spend the next minute?”
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