there is an area of study in social psychology that deals with behavioral decision making and judgment
simply put, it concerns itself on how people make decisions, from the simple choosing of which shirt to wear to the more complex decision of whether to withdraw US troops from Iraq
a perusal of the studies done in this area would cast doubt on Economic’s assumption on the rationality of man
man (you and I) seems not to be rational after all, well at least not all the time
one proof of this is the phenomena of attending to sunk costs
sunk cost is defined as a permanent loss, something that cannot anymore be recovered whatever one does
for example: you reserved a room in a resort months in advance. paid the non-refundable fee. but a day before your reservation, the weather is bad, you feel terrible, and you dont really feel like going on a vacation
would you still go to the resort or just stay at home?
most people would tend to still continue with their vacation reasoning that they have already paid for the room and it would be a waste of money if they dont push through with it
but the money paid is already a sunk cost. it is gone. you do not have control over the money anymore. what you will do tomorrow is in the future which you can still control
people tend to honor sunk cost with the rationale that they do no want to be wasteful. but then it is not possible to change the past. allowing a wrong decision (ill spent money) to affect future behavior, creating unhappiness rather than happiness is not rational.
there is an attempt to avoid a sure loss. but the thing is, the decision to go through with the vacation is made with the previous status quo (the financial standing prior to the payment) in mind instead of the current situation. (gets? im sure wala ng nagbabasa at this point. hmpft)
if one evaluated the situation with the present financial condition in mind, one will not anymore push through with the vacation since this will not cause financial loss but instead result to a psychological gain (being peaceful and resting at home)
having this in mind i decided for a change to act rationally and inhibit myself from attending to sunk costs
one of which is you
the time we have shared together is gone, it could never be returned
the laughter has been spent, we would never recover it
and the hopes? lets not talk about non-existent things anymore
im not feeling that good
i know i made a reservation
but the road is too hard to navigate
the weather is not cooperating
and i cannot for the life of me obtain any assurance from you that the reservation i made would be honored if i do show up.
so between being rational and being stupid
i choose what i know you will choose
i choose to be rational
i choose to stay home
i choose to be alone.