Opportunity cost: A reexamination

  title={Opportunity cost: A reexamination},
  author={Michael Parkin},
  journal={The Journal of Economic Education},
  pages={12 - 22}
  • M. Parkin
  • Published 2 January 2016
  • Education
  • The Journal of Economic Education
That something is amiss with the profession's grasp of opportunity cost was signaled when Ferraro and Taylor (2005) confronted 199 economists and PhD students with the following multiple choice que... 
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My objective in reexamining opportunity cost was to draw attention to two conflicting definitions of the concept in current use and to argue the case for dropping one of them. The comments of Daniel
Historical Cost and Conservatism Are Joint Adaptations That Help Identify Opportunity Cost
Abstract Braun (The ecological rationality of historical costs and conservatism. Accounting, Economics and Law: A Convivium, this issue) argues that the traditional accounting principles underlying
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The article explains that cost is more completely defined as opportunity cost, why cost is necessarily associated with a decision, and that it will always vary according to the context of that decision.


Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance or an Arbitrary Concept?
Ferraro and Taylor (2005) asked 199 professional economists a multiple-choice question about opportunity cost. Given that only 21.6% answered “correctly,” they conclude that professional
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Abstract One expects people with graduate training in economics to have a deeper understanding of economic processes and reasoning than people without such training. However, as others have noted
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