South Korea Avoids Sunk Cost Fallacy

This is a syndicated repost courtesy of True Economics. To view original, click here. Reposted with permission.

As shown consistently by economists, Olympic Games are a vanity project that wastes public resources, scarce public resources. In this case, South Korea’s swift decision to demolish ( its flagship Olympic stadium is a welcome case of cutting the future costs of maintaining the White Elephant. Or, in terminology of VUCA management: an act of avoiding the sunk cost fallacy.

You can read on economics of Olympic Games (err… Olympic waste) by following links from here: and and here: Have fun.

In the mean time, make sure you know your stance should your city/country attempt to bid for the next Olympic Waste.

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