> The most important decision-making rule you learn in business school is still largely misunderstood. I wonder what he thinks is misunderstood. My experience

> The most important decision-making rule you learn in business school is still largely misunderstood. I wonder what he thinks is misunderstood. My experience is that people get it if taught it, and don't if they weren't. > But Bruce is sick and Manfred Mann is substituting for him. You don’t like him so much. But you paid $500 for the seats! Should you stay? I get the message but this illustrates the trickiness of sunk costs, they're not always so perfectly sunk. In this case most people would probably correctly stay - they're there, dressed, ready to have a good time, a lot of the costs are only partially sunk with lots of residual value.