Status: Tags: Links: Decision-Making
Opportunity Cost
Principles
- When we make a decision, we lose the potential gains of the other options
- Includes hardships that come with decisions and actions
- Previous opportunities can be re-opened through Quitting
Downfalls
- Not well-developed opportunity costs lead to sticking to the same routines
- Anchoring leads us to do commit to bad choices because of our investment in them
Backlinks
|
|
References: