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November 18, 2004
Damned Sunk Costs
A couple weeks ago I registered for the 95th Annual Thanksgiving Day 10k Race in Cincinnati. The problem is that I just found out that I have a stress fracture in my foot (2nd metatarsal). It's not that painful or serious, but I'm not supposed to run for 3-4 weeks to let it heal. But I've already signed up for the race! The economist in me says that my registration fee is now a sunk cost and whether I run in the race or not the registration fee is gone. I know that if I hadn't already signed up, I would not run it with this injury. So, the economist reasons that I will not run the race. Guess what? I'm going to run. I do hate to let that registration fee go to "waste". Note to students: When it comes to sunk costs questions on exams you should follow the old saying, "do as I say not as I do." Posted by Robert Lawson at 08:20 AM
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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