I posted this question on the economics.stack and I am wondering if I should explain the answer I am gonna accept. I see this as a good practice but I would like to know about your views.
Furthermore, I don't where to explain my choice. Should I do it as a comment? Or should I update my question with a specific mention?
Let me justify why I want to explain my accepted answer.
- All answers are interesting and upvoted.
- The most upvoted answer (the one by @Andras at this point in time) is a good one by reminding us the importance of sunk costs and the fact that the decision should be a forward-looking one. This answer also attracted very good comments. However, sunk costs are a favorite subject of economists and I was aware of the sunk cost fallacy. By the way, not all investment costs are sunk.
- @luchonacho's answer on the discrete choice literature is promising and well documented.
- @Ubiquitous' answer is my favorite one. I didn't know about optimal stopping problems. This answer is original, very promising, with great academic references.