Sunday, July 24, 2016

Shakespeare on Status-Quo Bias and Loss Aversion

Who would these fardels bear,
To grunt and sweat under a weary life,
But that the dread of something after death-
The undiscover'd country, from whose bourn
No traveller returns- puzzles the will,
And makes us rather bear those ills we have
Than fly to others that we know not of? 

(Hamlet, Act 3, Scene 1, Lines 1769-1775)

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Those that much covet are with gain so fond,
For what they have not, that which they possess
They scatter and unloose it from their bond,
And so, by hoping more, they have but less;
Or, gaining more, the profit of excess
Is but to surfeit, and such griefs sustain,
That they prove bankrupt in this poor-rich gain.

The aim of all is but to nurse the life
With honour, wealth, and ease, in waning age;
And in this aim there is such thwarting strife,
That one for all, or all for one we gage;
As life for honour in fell battle's rage;
Honour for wealth; and oft that wealth doth cost
The death of all, and all together lost.

So that in venturing ill we leave to be
The things we are for that which we expect;
And this ambitious foul infirmity,
In having much, torments us with defect
Of that we have: so then we do neglect
The thing we have; and, all for want of wit,
Make something nothing by augmenting it.

(The Rape of Lucrece, Lines 185-205)

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Ay, but to die, and go we know not where;
To lie in cold obstruction and to rot;
This sensible warm motion to become
A kneaded clod; and the delighted spirit
To bathe in fiery floods, or to reside
In thrilling region of thick-ribbed ice;
To be imprison'd in the viewless winds,
And blown with restless violence round about
The pendent world; or to be worse than worst
Of those that lawless and incertain thought
Imagine howling: 'tis too horrible!
The weariest and most loathed worldly life
That age, ache, penury and imprisonment
Can lay on nature is a paradise
To what we fear of death.

(Measure for Measure, Act 3, Scene 1, Lines 1353-1367)

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