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Don Boudreaux reviews Inner Economist
Cowen shows that bygones should not be treated as bygones in all areas of life. When our self-image is at stake, past choices -- costs that are irrevocable -- often remain relevant for guiding our decisions today.
Here is the full review. Here is Alex on sunk costs. Here is Tyler on sunk costs, both posts date from the early days of MR.
Posted by Tyler Cowen on September 26, 2007 at 04:05 PM in Books | Permalink
Comments
Unfortunately, I havent read the book yet, but the thing with the gym can be interpreted differently.
The decision of whether to go the gym this evening is influenced definitely influneced by the already paid membership, but in another way - I am more likely to go the gym if it is free than if I have to pay 10$ to enter.
Therefore, marginal cost of going to the gym is lower when the membership is already paid, so the fact that membership influences the decision, may have nothing to do with the sunk costs at all.
Posted by: Marko at Sep 27, 2007 6:09:18 AM
I've always maintained that taxes should be considered a sunk cost. The more we care about government's use of our tax dollars the more we implicitly make the case for further state intervention.
Posted by: Unit at Sep 27, 2007 8:10:43 AM
I really liked the dating of the MR links. If a link predates when I started reading MR I’m much more likely to follow through. There are some hidden gems out there.
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