Economics Applied: To HK or not?

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Singapore and HK have reached an agreement on an air-travel bubble slated to start on 26th May 2021.

Rational decision making requires marginal cost and benefit analysis as per Singapore Cambridge A Level Economics Syllabus. That is the most critical aspect and in doing so, with consideration of information required, possible constraints, intended and unintended consequences as well as different perspectives.

So I decided to apply this in a brainstorming session with my wife (Still Finance Minister, refused to step down even though unelected) over a possible trip to HK.

Additional Costs:

Flight cost

Accommodation Cost

Covid-testing costs

Spending in HK (over and above what I would usually spend in Sg during the June hols)

Others:

Me: “What if kenna tested positive on arrival in HK?”

Me: “What if Kenna Covid from HK and then have to quarantine in Sg and become sick?”

Wife: More polluted air in HK…healthcare costs and productivity losses

Me: Getting slashed or mugged in HK after publishing this post

(In short, quite a lot of potential healthcare costs and loss of income)

Wife: “Are you paranoid”?

Additional Benefits:

Me: “Like nothing hor”

Wife: “The shopping experience is better”

Me: “Oh, marginally…”

Me trying: “Greater utility from enjoying different and better food” (hearsay)

Wife “Show off to friends and students. Make them envious. Feel-good.”

Me: ???

Me: “A getaway from usual routine. More relaxed, less stress” (hearsay)

Information:

Need to gather info to ascertain costs

What is air quality like in HK now?

Are the famous eateries opened?

Constraints:

Lessons are still ongoing. Fortunately, online but still concerned about disruptions.

Wife: “its ok, we can leave you in the hotel room”

Are flights still available? Wife: “yeah la, talk so much still don’t quickly book”.

Intended Consequences:

Have a break from usual routine. Relaxation. Stress relief.

More family time conflicts

Unintended Consequences:

Kenna Covid or Kenna tested positive 

Wife: “maybe you don’t have, but when they see your face, they think you have”.

Perspectives:

Me: “How about staycation lah?” (Wife <cold stare>)

Me: “Or only you go lor? I am famous, everyone knows me but nobody will recognise you ma” 

(Discussion ended abruptly)

Decision ?

Me: “Dear, calm down. I am just doing this as an exercise for my students. It’s not real.”

Wife: “You better get yourself a staycation!”

So that’s our attempt at applying RDM framework. Let me know if you think we missed out on something. Feel free to share your comments too! 

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