Opportunity Cost in Economics and Finance: Who Has It Right?

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F25940082%3A_____%2F19%3AN0000043" target="_blank" >RIV/25940082:_____/19:N0000043 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Opportunity Cost in Economics and Finance: Who Has It Right?

Popis výsledku v původním jazyce

A review of textbooks in the BA in Business Administration shows that the concept of opportunity cost must be distinguished from the principle of forgone-opportunity-based assessment. The latter is shared and undoubted; the former is used only in economics and finance, and it is not well defined. A review of best-selling textbooks in economics and in finance reveals that there are two major discrepancies in economic definitions: (1) Opportunity cost may be defined as forgone goods or forgone achievement of goals. (2) Opportunity cost compare the desired outcome of a course of action with a benchmark that may be ambiguous. Compared to economics, opportunity cost seems to be a non-issue in finance. All the reviewed finance textbooks use the concept of opportunity cost consistently. The field of finance better upholds the scientific and educational standard of clarity and consistency of delivery of knowledge.

Název v anglickém jazyce

Opportunity Cost in Economics and Finance: Who Has It Right?

Popis výsledku anglicky

A review of textbooks in the BA in Business Administration shows that the concept of opportunity cost must be distinguished from the principle of forgone-opportunity-based assessment. The latter is shared and undoubted; the former is used only in economics and finance, and it is not well defined. A review of best-selling textbooks in economics and in finance reveals that there are two major discrepancies in economic definitions: (1) Opportunity cost may be defined as forgone goods or forgone achievement of goals. (2) Opportunity cost compare the desired outcome of a course of action with a benchmark that may be ambiguous. Compared to economics, opportunity cost seems to be a non-issue in finance. All the reviewed finance textbooks use the concept of opportunity cost consistently. The field of finance better upholds the scientific and educational standard of clarity and consistency of delivery of knowledge.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50205 - Accounting

Projekt

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Návaznosti

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

7th International Scientific Conference on IFRS - Global Rules and Local Use - Beyond the Numbers

ISBN

978-80-907602-0-2

ISSN

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e-ISSN

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Počet stran výsledku

14

Strana od-do

322-335

Název nakladatele

Anglo-American University

Místo vydání

Praha

Místo konání akce

Praha

Datum konání akce

10. 10. 2019

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000649685400025