Thinking in Bets · Annie Duke

Decisions vs outcomes examples

Curated by · reviewed 2026-05-30

A good decision can have a bad outcome and a bad decision a lucky one — judge the choice by what you knew then, not by how it turned out.

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5 examples of decisions vs outcomes

  1. The winning bad bet

    Running a red light and not crashing was still a terrible decision, just a lucky outcome.

  2. Annie Duke's 'resulting'

    Poker players know a smart fold can lose and a reckless call can win; skill is in the decision quality.

  3. The startup that flopped

    A well-reasoned venture can fail to bad luck; that doesn't make the original call foolish.

  4. The doctor's judgment

    Following the right protocol can still end badly; we shouldn't only reward lucky results.

  5. Monday-morning blame

    Judging a coach's call purely by whether it worked confuses outcome with decision.

How to spot it in yourself

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