Game theory

Sunk cost

In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties. (Wikipedia).

Sunk cost
Video thumbnail

Calculus - Marginal cost

In this video we cover the idea of marginal cost. This is simply the derivative of the cost function. We can roughly define marginal cost as the cost of producing one additional item. For more videos please visit http://www.mysecretmathtutor.com

From playlist Calculus

Video thumbnail

Ex 2: Cost Function Applications - Marginal Cost, Average Cost, Minimum Average Cost

This video explains how several application of the cost function including total cost, marginal cost, average cost, and minimum average cost. The total cost function is a quadratic function. Site: http://mathispower4u.com

From playlist Applications of Differentiation – Maximum/Minimum/Optimization Problems

Video thumbnail

#52. After 17% Price Reduction a Boat Sold for $27,390. What was the Original Price?

Please Subscribe here, thank you!!! https://goo.gl/JQ8Nys #52. After 17% Price Reduction a Boat Sold for $27,390. What was the Original Price?

From playlist College Algebra Final Exam Review

Video thumbnail

The Cost of Building a Death Star, Part 2

Finishing our evaluation of the cost of building the death star

From playlist Math Play

Video thumbnail

Business Math - Finance Math (30 of 30) The Sinking Fund - Saving for a College Fund

Visit http://ilectureonline.com for more math and science lectures! In this video I will explain and find the monthly payments of the sinking fund of $120,000 in 18 years at 5% interest rate. First video in this series can be seen at: http://youtu.be/qO1SYFZVmhY

From playlist BUSINESS MATH 2 FINANCE MATH

Video thumbnail

Ex 1: Cost Function Applications - Marginal Cost, Average Cost, Minimum Average Cost

This video explains how several application of the cost function including total cost, marginal cost, average cost, and minimum average cost. The total cost function is a quadratic function. Site: http://mathispower4u.com

From playlist Applications of Differentiation – Maximum/Minimum/Optimization Problems

Video thumbnail

Finding the Marginal Cost Function given the Cost Function

Please Subscribe here, thank you!!! https://goo.gl/JQ8Nys Finding the Marginal Cost Function given the Cost Function

From playlist Calculus

Video thumbnail

Find the Cost Function given the Marginal Cost and Fixed Costs

Please Subscribe here, thank you!!! https://goo.gl/JQ8Nys Find the Cost Function given the Marginal Cost and Fixed Costs

From playlist Calculus

Video thumbnail

Calculus 1 Lecture 3.7 Part 6

Calculus 1 Lecture 3.7 Part 6: Optimization Problems Using Absolute Maximum and Absolute Minimum

From playlist Calculus 1 Playlist 1

Video thumbnail

Why Do We Go All In on Lost Causes?

We've all experienced the sunk cost fallacy: when you are deep into a task and tell yourself that you’ve come this far, so you may as well finish it. We do this even if it's no longer logical to finish. So why do we do it? Hosted by: Brit Garner ---------- Support SciShow by becoming a pa

From playlist SciShow Psych

Video thumbnail

Keep Cutting - Sunk Cost Fallacy and Game Development - Extra Credits

Once development begins on a feature, game developers often get drawn into a sunk cost fallacy that compels them to keep working on that feature even when it's failing. Cutting those features is hard, but often the right choice to make the game better. Subscribe for more episodes every Wed

From playlist Extra Credits (ALL EPISODES)

Video thumbnail

GM Closes Factories- Econ in Real Life

This week GM announced that they will close five factories in the USA and Canada. Over 14,000 workers will lose their jobs and thousands more will be negatively affected. But why? And, who is to blame? Well they are closing these car plants for of the same reason that Google stopped makin

From playlist Econ in Real Life

Video thumbnail

7. Competition I

MIT 14.01 Principles of Microeconomics, Fall 2018 Instructor: Prof. Jonathan Gruber View the complete course: https://ocw.mit.edu/14-01F18 YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G- This lecture finishes the discussion about costs from Lectu

From playlist MIT 14.01 Principles of Microeconomics, Fall 2018

Video thumbnail

20. Subgame perfect equilibrium: wars of attrition

Game Theory (ECON 159) We first play and then analyze wars of attrition; the games that afflict trench warfare, strikes, and businesses in some competitive settings. We find long and damaging fights can occur in class in these games even when the prizes are small in relation to the accumu

From playlist Game Theory with Ben Polak

Video thumbnail

Lec 9 | MIT 14.01SC Principles of Microeconomics

Lecture 9: Productivity and Costs Instructor: Jon Gruber, 14.01 students View the complete course: http://ocw.mit.edu/14-01SCF10 License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu

From playlist MIT 14.01SC Principles of Microeconomics

Video thumbnail

Revenue, Profits, and Price: Crash Course Economics #24

How do companies make money? What are profits? Revenues? How are prices set? This week, Jacob and Adriene are talking business. Whether you're selling cars, pizza, or glow sticks, this video has pretty much all the information you need to run a business. Well, not really, but there's a lot

From playlist Economics

Video thumbnail

Mod-01 Lec-20 Ricardian economics and more

History of Economic Theory by Dr. Shivakumar, Department of Humanities and Social Sciences IIT Madras, For more details on NPTEL visit http://nptel.iitm.ac.in b

From playlist IIT Madras: History of Economic Theory | CosmoLearning.org Economics

Video thumbnail

Excel Finance Class 82: Relevant Costs For Discounted Cash Flow Analysis = Incremental Cash Flows

Download Excel File: https://people.highline.edu/mgirvin/YouTubeExcelIsFun/Busn233Ch09.xlsx Download PowerPoints: https://people.highline.edu/mgirvin/YouTubeExcelIsFun/Bsun233Ch09.pptx 1. Incremental Cash Flows = difference between future cash flows with a project & without the project.

From playlist Excel Finance Free Course at YouTube. Cash Flow Analysis and Model Building (110 Videos).

Video thumbnail

GST (2 of 2: Working backwards)

More resources available at www.misterwootube.com

From playlist Fractions, Decimals and Percentages

Video thumbnail

How to Make Better Decisions (with science)

MY PATREON: https://www.patreon.com/BrainCraft And please consider SUBSCRIBING to BrainCraft http://ow.ly/rt5IE (and ring that bell 🧠) My Instagram https://instagram.com/nessyhill | Twitter https://twitter.com/nessyhill What's the one thing that can ruin your decision making abilities? I

From playlist Everyday Psychology : Season 1

Related pages

Thinking, Fast and Slow | Prospect theory | Disposition effect | Behavioral economics | Endowment effect | Extensionality | Decision theory | Framing effect (psychology) | Expected utility hypothesis | Gambler's fallacy | Planning fallacy | Cognitive bias | Loss aversion | Utility