While I was in the process of applying to graduate school, I had the opportunity to talk to a UCLA Business School faculty, Eduardo Schwartz, whose some of his main work was in something called "real options".

A real call option, like the name implies, is the right but not the obligation to make a certain decision in real life. For example, a real option could be whether to attend or not to Law School. But here is the conundrum: what is the the monetary cost in going to Law School? Of course there are a couple numbers than can be derived quickly, such as the actual tuition cost, the additional living expenses, the financial loss due to no or little work for the duration of the studies, etc.

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This is the second time I attempt to write a post about this topic. Initially, I was focusing too much on how different cultures see failure. But realizing my lack of knowledge on the topic, I decided to abstain—I would not like to fall into false stereotypes or offend anybody. However, I am really interested in how different cultures perceive failure—particularly how this perception differs between western and eastern cultures. So if anybody would like to share some personal stories related to the topic, I would be very happy.

Now to the point.

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