If you earn 20 Binglebongles a month, and you lock in to paying 10 Binglebongles a month to play TWoFB and then a whale eats your housekey which costs 12 Binglebongles to replace you have a problem.
If you don’t lock in, you can replace your housekey and skip playing TWoFB that month and you don’t have a problem.
The reason why lockins, contracts and subs etc are very bad news is not only Opportunity Cost. Opportunity cost is a very rigid and narrowly defined loss. It is the loss of what you would gain if you spent the Bingebongles on something else. To get a number you need to always relate it to precisely what the something else is, and yes that is part of the loss when you tie up your Binglebongles.
The really big deal is this, when you cut down to the bone:
Lockins, contracts, subs and the like are a bad deal because they impair your ability to survive/prosper by tying up resources which could be better distributed in numerous ways at any given time. It’s not just one subset of wealth/objects you lose – it’s flexibility. Ability to react and adapt. Put away your ruler, it cannot be measured. If the Grate Freeze of 2013 occurs on the night a whale ate your housekey you might just make it if your friend you owe 15 Binglebongles to from last time will accept 10 and let you doss down on his sofa.
Unless of course you don’t read my blog and have already locked your remaining 10 Binglebongles into subbing for another game.
If you don’t lock your Binglebongles into anything at all, and someone comes along offering to sell you a house for 8 Binglebongles, you will have a housekey, an extra house plus survive the night of the Grate Freeze of 2013 just fine, and can still play TWoFB next month. There ya go!
Aye, don’t let your Binglebongles get caught in anything if you can help it!