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Opportunity Cost

There is an chance cost associated with every choice of action. These expenses are

important to the choice yet frequently ignored. Opportunity costs are more likely to be taken into

account when replacements are on the decision-maker's mind or when there are significant

resource limitations. Because persons are less likely to mentally explanation for their time and

more likely to have explicit goals for specific components of time, calculating opportunity costs

of time may differ since calculating opportunity costs of money. The chance cost of a course of

action may not be appreciated at the same time as the benefit. Such opportunity costs that present

themselves when making an intertemporal decision are more likely to be regarded for the present

than for the future. (Spiller and Stephen,2019)

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References

Spiller, Stephen A. "Opportunity cost neglect and consideration in the domain of time." Current opinion in

psychology 26 (2019): 98-102.

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