A sunk cost is an economic concept that refers to an expense that has been already paid for, so that this expense is irrecoverable. It sounds unremarkable, but sunk costs do funny things to the human brain. The Sunk Cost Fallacy, and a little game theory, may help explain why Mike Hesson refuses to make the hard call and drop Tim Southee for Matt Henry in the Black Caps ODI playing XI.
The Sunk Cost Fallacy is an example of a reasoning error that is commonly made when sunk costs are involved. It refers to when people do something irrational because they have sunk costs (in the form of money, time or energy) into a line of reasoning already.
The common example given is the Concorde project, during which the French and British governments realised that the project would never make economic sense, but which they continued with anyway on the grounds that they didn’t want to waste their sunk cost.
This is a well-known phenomenon in economics because it often leads to horrific waste, particularly when people throw good money after bad in the hope that their initial investment will be recouped (it’s also a well-known phenomenon in poker when players go broke). As far as Mike Hesson is concerned, the same psychological process may be occurring with his obstinate refusal to elevate Matt Henry to the opening bowler’s position alongside Trent Boult.
Southee is only 29 years old, but he has been playing for ages. He debuted as a teenager, and looked incredibly promising with a five-wicket haul and a run-a-ball 77 in a Test against England. Since then, New Zealand Cricket have invested substantial resources in him, giving him every opportunity to take the new ball against all comers. No less an authority than Allen Donald touted Southee as potentially a great swing bowler, but it’s hard to deny the raw numbers.
The numbers argue confidently that Southee is not as good as Henry (in ODIs at least), and probably never has been.
Since the loss to Australia in the final of the 2015 Cricket World Cup, Southee has averaged 42.77 with the ball. He has taken 45 wickets in this time frame at an economy rate of 5.72. Henry has taken 44 wickets at an economy rate of 5.81, which is similar, but has an average of 28.13 thanks to a strike rate of 29.
This is, amazingly, a better strike rate than Shane Bond managed over his career (29.2), and means that Henry has been 50% more likely to take a wicket on any given ball than Southee during this time.
Southee is striking at 44.8 since the last Cricket World Cup, and has not taken four wickets in an innings since then, despite playing in 38 games. Henry has only played in 25 matches since the final loss but has already managed three four-wicket bags and one five-wicket bag in that time – only one of each fewer than Southee has managed in a 132-match career.
In fact, Southee has not managed to get four wickets in an innings one time in the last three years, whereas Henry took four wickets in his last match.
Mike Hesson might be thinking here in terms of potential, in that, theoretically, Southee has the potential to be another Jimmy Anderson. Like Southee, Anderson is also tall, bowls with an open stance and relies on swinging the ball to nick batsmen out. Also like Southee, the Englishman didn’t achieve anything particularly special in his first 132 ODIs, returning an average of 30.18 for his 179 wickets.
But in 43 matches since the start of 2012, Anderson has taken 65 wickets at an average of 23.97. Hesson might be expecting a similar transformation to come over Southee, but it’s also very possible that he has invested so much time and energy in Southee that he sees this investment as a sunk cost that he is compelled to recoup.
A solution that would save everyone’s face would be to demote Southee to third seamer. This would be the best of all worlds for everyone except for Lockie Ferguson, who would then struggle for a starting berth.
The positives are that it would allow Boult and Henry, with the best strike rates, to bowl with the new ball when they are the most effective, and it would allow Southee to utilise his skill set of varied deliveries at the death while minimising his weaknesses of being slow and inaccurate. Southee also has 33 wickets as third seamer, averaging an entirely acceptable 28.18 (compared to over 35 while opening). It seems like a solution whose time has come.
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