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Seths
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Everything costs
- Opportunity cost: Every time we choose to do something, we're choosing not to do something else.
- Sunk costs: Money or time invested in something is gone. Accept the gift if it is still useful, otherwise walk away.
- Marginal cost: How much extra does this decision cost? Prefer things with lower marginal cost.
- Being fully rational in decision making on these costs is rare, but it's important to consider them.
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