Complexities in the examination of opportunity cost

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Notes

1. In particular, comments on the diagrammatic constructions are omitted.

2. Parkin (2012) and Bade and Parkin (2013), for example.

3. Ultimately, it reflects disagreement as to whether OC is fundamentally objective in referring to things external to the decision maker or fundamentally subjective in referring to states of mind internal to the decision maker.

4. This substitution is also implicitly encouraged by his textbooks.

5. See Parkin (2012, 34, 46).

6. See Parkin (2012, chapters 1, 2, 10).

7. The fifth (more sophisticated) purpose is to derive theorems about relative prices but, although mentioned, it is not explained or discussed in the article.