Sunk Cost

No matter how often I learn the concept of sunk cost in economics class, trying to practice it in real life is incredibly hard, especially for an optimist. In this time of stock market plunges, understanding and dealing with sunk cost is more than crucial, but I raise the topic of sunk cost not because of stocks...rather, I raise it because of elephants.

I was walking home from my dance practice when I ran into a crowd of people, many with strollers and holding toddlers. Curiosity got the better of me and I asked people why they were waiting in the cold. "Elephants," a mother replied, "Barnum is walking the elephants." Apparently, once a year the circus walks the elephants down Massachusetts Ave, or at least a section of it near MIT. I thought my dinner could wait, seeing as it was exactly the time the elephants were expected to arrive. Perhaps it was because there was trouble elsewhere (I saw the passing of 5 firetrucks) or perhaps the ringmaster just wanted to build up excitement, but we waited nearly an hour before I finally gave up and jumped on a bus to grab something to eat at Central. The moment I finished grabbing a sandwich, however, I saw the circus cars drive by and realized if I had only left for dinner earlier, I would have made it back in time to see the elephants. If only I had sucked up the sunk cost after waiting for 30 minutes in the freezing cold...

Site of the day: www.nycgarbage.com
What is it: a site that sells garbage from NYC streets as well as events. The tag line runs, "own a piece of NYC for just $50." Pretty clever, but also unbelievably sad in a way. If I remember correctly, the little plastic containers of garbage used to only cost $10, but apparently garbage demand is high and its price increases more rapidly than that of crude oil in its heydays.

Artist of the day: Vilhelm Hammershoi
Who is he: "a well-kept secret" according to the Economist. I am very fond of the Economist because it is one of the few magazines out there that packs in quite a bit of good content every week. Even though it might be more well-known for its political and economic articles, its "Books and Arts" section is quite a gem as well. Their July 5th issue introduced me to Hammershoi, a Scandinavian artist of the early 1900's who's window and door painting immediately arrested my attention. Back in high school I had painted a series of doors as a senior project and since then, I've always been partial to paintings that touch upon the subject.

Having gone through the struggle of making flat and rectangular objects beautiful and arresting, I knew how difficult it can be to render "plain" objects interesting. Thus, it was little wonder that I was enthralled by Hammershoi's use of light to create physical, intellectual, and atmospheric depth in his interiors. If I was attracted to his painting, I was even more charmed by his personality. That he was influenced by Vermeer came as no surprise, but that he too, delighted in a "subversive sense of humor" made my heart beat. It was as if I had found a friend that understood me across time - someone who shared my sense of aesthetics and love of hiding irregularities in paintings. I am not one to want to "own" paintings so dearly, despite my love of art, but if I had a million dollars, I would not hesitate to buy Hammershoi's works.

Interior, Strandgade 30, Vilhem Hammershoi, 1908, oil on canvas, Aarhus Kunstmuseum

Sunbeams or Sunshine. Dust Motes Dancing in the Sunbeams, Vilhem Hammershoi, 1900, oil on canvas, Ordrupgaard, Copenhagen

My own humble attempt at doors back in high school