Wednesday, April 25, 2007

Thought For The Day

As a confrontation over government authority and warfare is gearing up, a Thought for All Those In Washington --

Self-deception proves itself to be more powerful than deception.

We all make similarly irrational arguments about decisions in our lives: we hang on to losing stocks, unprofitable investments, failing businesses and unsuccessful relationships. If we were rational, we would just compute the odds of succeeding from this point forward and then decide if the investment warrants the potential payoff. But we are not rational--not in love or war or business--and this particular irrationality is what economists call the "sunk-cost fallacy."


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