Ahab hunting down Moby Dick. Wile E. Coyote chasing the Road Runner. Learning Latin. Walking over hot coals. Standing in a long line for boba tea or entrance to a small, overpriced clothing retail store. Forking up for luxury nonsense. What do these activities have in common? They’re all examples of the overvaluation of what economists call “sunk costs”: the price you’ve already irretrievably paid in time, money, effort, suffering, or any combination of them for an item, an experience, or a sense of self-esteem.