Weekly Thoughts: Pot Odds
Here is something that caught our eye this week: Pot Odds As most of us will remember from Econ 101, a “sunk cost” is an expense that has already been incurred and cannot be recovered. Professors refer to this concept with freshman college students as a means to introduce the sunk cost fallacy which occurs when an individual or group irrationally takes these unrecoverable costs into account while deciding whether or not to continue any particular activity, even if the activity has negative repercussions. We all like to think we make well-reasoned decisions based on a logical assessment of the
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October 6, 2017