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why were these not tracked?

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Anthony Fadly 1 year ago
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# January 26 Notes

## Sunk Costs

**Sunk Costs** are costs that have been paid and cannot be recovered.

For Example:

- Bought Tickets
- Gambling
- the **sunk cost fallacy** is the idea the more money spent in gambling
increases your chances of winning

A **rational decision** benefits the decision maker as much as possible.

A **self-interested** individual makes decisions for his or her benefit

Wearing a seat belt is an example of a rational decision

The **net benefit** of a choice is the benefit minus the cost in dollars.

**Marginal benefit** is the additional benefit doing something one more time.

** Marginal cost** is the additional cost of doing something one more time.

**Marginal analysis** -- Decision making process by comparing marginal cost and
benefits

For Example:

- Pop Tarts
- Individual or season tickets?

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# January 30 Notes

## Common decision errors

1. Allowing the presentation of options to influence decisions
2. Letting sunk costs matter
3. Being too impatient
4. Overconfidence
5. Avoiding change even when it could benefit you
6. Going out of your way for punishment even when it is not in the punisher's
best interests

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i’m driving here i sit
cursing my government
for not using my taxes to fill holes with more cement

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