On Running the Marathon in North Korea

Jeré Longman recently ran a marathon in Pyongyang, North Korea. He was one of several hundred foreign tourists allowed to participate in the spectacle. Writing for The New York Times, he reflects on the experience:

We could not leave the loop course, but we could leave our minders for an hour or two or four. Maybe we could make a personal connection that seemed less scripted than the opening ceremony: a brief smile, a wave, a hello, a thank you, a small encouragement.

Or would it all be staged, a Potemkin race in an authoritarian capital for the elite and loyal, our perceptions influenced by stories in the West, true or not, that Kim Jong-il scored a perfect 300 in his first bowling match and five holes in one on his maiden round of golf?

An early uphill stretch carried us past modest but encouraging crowds along a wide street of apricot blossoms. A soldier high-fived a few runners. A woman waved from the window of her apartment building. Other women in red jackets poured water into cups at small hydration tables.

The 6.2-mile loop brought us back and forth across the Taedong River via bridge and tunnel, the roads decorated with clusters of North Korean flags, their red star and red field meant to symbolize the spilled blood of liberation in a military-first nation.

For the natives, the marathon may have been a chance to act rebelliously:

During his half-marathon, Hank Mannen, 36, of the Netherlands, was startled to see a young woman blow him a kiss. He said he reciprocated, then thought for a moment, “She’s in big trouble now.

Great read.

On Bad Investments and Marathons

This week, The New York Times launched Upshot , described as “a plainspoken guide to the news” and in essence, similar to two other explanatory new sites that have recently launched (Vox.com and FiveThirtyEight.com). My favorite piece so far on Upshot is Justin Wolfers’s “What Good Marathons and Bad Investments Have in Common” (because it combines two of my interests: finance and running):

In the usual analysis, economists suggest it’s worth putting in effort as long as the marginal benefit from doing so exceeds the corresponding marginal cost of that effort. The fact that so many people think it worth the effort to run a 2:59 or 3:59 marathon rather than a 3:01 or 4:01 suggests that achieving goals brings a psychological benefit, and that missing them yields the costly sting of failure.

But in other domains, this discontinuity between meeting a goal and being forced to confront a loss can lead to bad economic decisions. Because losses are psychologically painful, we sometimes strain too hard to avoid them.

For instance, when you sell your house, your goal may be to get at least what you paid for it. But this simple goal has led to disastrous decisions for those who bought homes in Florida or Nevada during the housing bubble. Too many homeowners set their selling prices with an eye on recouping past investments rather than on current market conditions, and as a result, their homes didn’t sell, deepening their financial distress.

Well worth the read in entirety.