Sun, 03 Feb 2013

That Sunk Cost Feeling

Wise words for many situations...

The Jets have stumbled into a classic economic dilemma, known as the sunk-cost effect. In a purely rational world, Sanchez’s guaranteed salary would be irrelevant to the decision of whether or not to start him (since the Jets have to pay it either way). But in the real world sunk costs are hard to ignore.

(link) [The New Yorker]

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