Tag: decisions
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Decision Making: Sunk Cost Fallacy
At the end of the day, the sunk cost fallacy is caused by pride, loss aversion, and irrational commitment to past decisions. The sunk cost fallacy makes us stupid. Don’t let it trick you.
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Decision Making: Accounting Costs vs. Economic Costs
There ain’t no such thing as a free lunch. Every economist will tell you this. Why? Opportunity costs!
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