Thursday, April 21, 2011

Not Understanding Sunk Costs

Once you've studied whether something is economical, you apparently should be obligated to go ahead whatever answer you find:

'"The city has once again wasted $300,000 of taxpayer money in scuttling the plan," said Bob Diamond, president if the Brooklyn Historic Railway Association...

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"If your approach to mathematics is mechanical not mystical, you're not going to go anywhere." -- Nassim Nicholas Taleb