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Is Jack Sparrow Rational?

by AdrianFohr

This clip shows captain Jack Sparrow arrive into port as his ship sinks. The dock master asks him for a fee and he ups the bid. He seems unwilling to lie but immediately he steals. Is his behavior rational?  Why doesn't Jack care that his ship sank? What is the opportunity cost of his sinking ship.


Captain Jack Sparrow's ship is sinking and he doesn't seem to care.

A poor explanation for this behavior is that he stole the sinking ship.  This is true because opportunity cost ignores historical prices.  If Jack paid Zero for his ship, he is still loosing whatever he could have sold the ship for.

A better explanation is once Jack realized that his boat was going to sink before he got it to shore, he immediately realized that it was out of his control.  In other words, he got over it quickly.  He realized that his sunk ship would be a sunk cost!  Sunk costs can never be recovered so he decided not to worry or fret about it too much.

More about sunk costs after the jump.  If you recognize this article, then please also recognize that this article is worth reading several times.

http://www.econlib.org/library/Columns/y2007/Robertsopportunitycost.html

Irrational Pirates

This is taken from the opening sequence of Pirates of the Carribean. It is the story of cursed pirates who try to become uncursed and the adventurers who get caught up in their struggle. The drama begins because of a poorly fitting coursette.

from Pirates of the Carribean (2003)
Creator: Jerry Bruckheimer
Distributor: Buena Vista Pictures Distribution
Posted by AdrianFohr
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