Keyword: alternatives
A Matter of Opportunities (7/7/2006)
The lack of alternative opportunities reduces the cost or enhances the attraction of a given action. On the other hand, the abundance of alternative opportunities increases the cost or reduces the attraction of a given action.
Keywords: alternatives, Opportunity cost
The Tyranny of Small Decisions (8/13/1999)
Decisions that are small in size, time perspective, and in relation to their cumulative effect may lead to suboptimal resource allocation.
Keywords: airplane, alternatives, automobiles, cars, commuting, market failure, market imperfection, railroad, size, small decisions, time perspective, tyranny