Well... there's intellectual understanding and then there's emotional understanding. These are people who were the very top in their high school and the very top as undergrads. They've always made the cut when most everyone else didn't, so why should a tenure track position be any different?
This. Plus psychological investment in identity as a scholar. Makes it very hard for some people to hear “it’s not a good idea” and harder to see when it’s time to cut losses.
"So why should a tenure track position be any different"
Economics and reality come into play as we are adults.
There's basically no excuse for 'the smartest among us' to not have a basic grasp of the dynamics of how their education will play out into their careers.
But they've always been the smartest in a group of the smartest people. It's not that they're not being smart or not being adult. It's that they feel this is just another step in a road they've been traveling since they were kids.
