3 ms·
Recognize Sunk Costs And Move On
- csbartus 17y ago"people shouldn’t make decisions based on past investments." -- seems like hacking the time, as is, baby!
- Tichy 17y agoPast decisions might affect future decisions, though. For example, suppose you invested some time in learning Ruby in the past. Then when deciding which programming language to use in the future, Ruby is a cheaper option because you already know it, whereas other languages would have additional costs for learning them.
- davidw 17y agoIn that case though, you can do the analysis with your present abilities: you know Ruby well right now. Perhaps it's a subtle distinction, but it's not about the sunk costs, but about your current 'assets', and the costs of acquiring new abilities.
- csbartus 17y agoYes, the basic idea is to _recognize when is about sunk costs. In my case i must have to have a feeling in my stomach to start looking after sunk costs, to move on. In normal situations everything is the same old, linear: I have a knowledge from the past upon I'm building the future. Pretty boring comparing to a pro poker player