A Course in Game Theory by Rubenstein

By Rubenstein

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The vision statement describes the future state the organization desires to bring about; the desirable picture it paints is intended to moti­ vate all team members to make the shared dream come true. ” If the world would not miss the organization if it did not exist, then sooner or later it will not exist. Hence, the ultimate goal of any organization (and individual, come to that) is to create value for the world. Every organization creates its value in different ways, but it must create it for some people, some­ where, somehow, in order to continue to exist.

Having said that, the sunk cost trap is widespread in daily life as well. Take the stock market as an example. Let’s say that two months ago a group of people paid $10 per share for the stock of ABC company, and the price first rose to $13 per share, then plunged to $4 per share. Some of those stockholders will be unwilling to sell their stocks and crystallize their $6 loss, simply because the price was once $13 per share or they paid $10 per share. These people have fallen into the sunk cost trap.

She had been trying to solve a prob­ lem: to stop a cup of coffee from spilling onto her dress as she came to a sharper curve than she had expected. There had been a high probability that the hot coffee would spill on her if she did not do something about it. And if it did, she would have had to give a presentation to an impor­ tant client in a dress with a large coffee stain on it. Since she did not have time to go home to change clothes, the problem was urgent, and the resources (the time available to solve the problem or change her dress) were limited.

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