Movie Tickets, Career choices, and Sunk Costs.
There is no use crying over spilt milk
It's one of the most obvious things in the world (is it?). There is no point crying over spilt milk. It's spilt. Nothing you can do about it. It's a very graphic example. It hits you especially hard when you actually do spill something (or break something) and just stare mournfully at it.
It's all very well to say that about spilt milk but is there some deeper principle at work here that can apply to other (more important) aspects of life?
Let's go to the movies
To me, the underlying principle is best explained using a classic example.
Thought Experiment:
Assume you want to go to a movie (X). You pay Rs 120 to buy a ticket and start to get inside the movie hall.
However, when you reach the hall, you discover that you've lost the ticket.
What will you now do?
- Will you go back home and do something else?
- Or, will you pay another Rs 120 and go for the movie?
You know that the movie isn't worth Rs 240. Will you still go?
