Today, class, we are going to deviate from our usual discussion of All Things Gear. Instead, we are going to contemplate another fascinating subject: Economics.
The North Face Rock 22 Tent
The North Face Rock 22 TentThe particular concept that is relevant today is that of the 聯sunk cost.” This is a cost that you already have incurred, and likely cannot recover whatever your future actions. People stuck with sunken costs (also called 聯stranded” costs), however, often take them into account in their decision-making. For example, you buy a car for $5,000. It breaks down. You can fix it for $6,000, or replace it for $5,000. Many people might choose to repair it, with the logic, 聯Well, if I don聮t fix it, I聮ve thrown away $5,000.” But they already have thrown away $5,000. All that matters now is what they do in the future.
You, Ken, have a sunk cost. It is called your Quest Starlight tent. You can聮t even get them any more聴it had to be seven or eight years old when you bought it. And the 聯older fellow” who sold it to you did not do you any favors, unloading what, by his own admission, was an unreliable tent.
So, let聮s say you spent $75 for this piece of cra聟I mean, tent. You can spend $10 on Kenyon Re-Coat and try to put a fresh waterproof coating on the fly. Same for the floor. OK, two cans of Re-Coat, so we聮re up to $20. And that won聮t be anywhere near as good as the factory finish on the tent materials. So then you have a tent that you will still regard as unreliable.
Or, you can simply declare the Quest a 聯sunk cost” and move on. Go to the site, check their tent hot deals, and get a Rock 22 for $130. Brand new, factory fresh, no re-coating required. Or get a Clip Flashlight for $150. Or check out the site and get an REI 2 HC Half Dome for $170.
See where I聮m going? You can spend money and time on the Quest and get part way where you want to go, or spend a bit more and be exactly where you need to be.
And that is the end of today聮s session, class.
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