Monday, January 16, 2012
Opportunity Cost And Paradox Value of Phobias
Phobias are known worldwide as severe fears. Phobias range from more common fears such as fear of death or heights while also focusing on eccentric fears such as fear of clocks or laughter. But really, what could people be sacrificing when living with these absurd fears? When a person develops a phobia, for example telephonophobia which is fear of telephones, he or she is making a choice to give up a normally common aspect of life. This relates to economics because the person factors in an opportunity cost into his or her life. Should I use the telephone or email the person I want to communicate with? Telephones are the opportunity cost because they are the next best thing to the person with the fear of telephones. Also, this person places a paradox value on certain objects. Most people would love if I came up to them and give them a brand new phone of their choosing. However, since this person has a fear of telephones they would place a different value on them than everyone else. Do you have any phobias? What exactly are you giving up and placing value on while living with these fears?