We make other kinds of decisions too, where the investment is not always financial:
- selecting a savings account (which will make you richest in the long term?)
- buying a house ( will prices fall or rise?)
- deciding which people to socialise with (who will turn out to be better company?)
- renting a film to watch (which will you enjoy the most?)
However vaguely or subconsciously, we are appraising cost, risk and expected value, with limited information about the future, all the time - even if the only cost is our leisure time, the only expected value a fleeting enjoyment, and the only potential loss a mild feeling of irritation.