Land-use changes rank among the most significant drivers of change in ecosystem services worldwide. The enhancement of important services such as biodiversity and carbon sequestration requires modifications in land-use that can lead to the decline in other ecosystems services. Targeting the most suitable areas for particular land-uses based on comparative advantages requires opportunity cost in...

Two general algorithms based on opportunity costs are given for approximating a revenue-maximizing set of bids an auctioneer should accept, in a combinatorial auction in which each bidder offers a price for some subset of the available goods and the auctioneer can only accept non-intersecting bids. Since this problem is difficult even to approximate in general, the algorithms are most useful wh...

We prove an upper bound on the cumulative opportunity cost of the online knowledge gradient algorithm. We leverage the theory of martingales to yield a bound under the Gaussian assumption. Using results from information theory we are further able to provide asymptotic bounds on the cumulative opportunity cost with high probability. 1. Supporting Material. Throughout this paper we will be using ...

d t e r t b a c 1 As of 2010, health care–related expenditures in the U.S. totaled some $2.6 trillion (17.9% of the gross domestic product [GDP]). Year after year, ealthcare spending rises at double the rate of overall DP growth, and total healthcare spending growth conistently outpaces overall inflation. This exuberant rowth would be welcome if health care were thriving ecause of its effıcienc...

Two studies were conducted to investigate cultural differences in opportunity cost consideration between Chinese and Euro-Canadians. Opportunity cost is defined as the cost of a benefit that must be forgone in order to pursue a better alternative (Becker et al., 1974). In both studies, participants read about hypothetical purchase scenarios, and then decided whether they would buy a certain pro...

Counterfactual conditionals are cognitive tools that we incessantly use during our lives for judgments, evaluations, decisions. Counterfactuals are used for defining concepts as well; an instance of this is attested by the notions of opportunity cost and excess profit, two all-pervasive notions of economics: They are defined by undoing a given scenario and constructing a suitable counterfactual...

cost of quality analysis is emerged as an effective tool for the industrial managers for pinpointing the deficiencies in the system as well as for identifying the improvement areas by highlighting the cost reduction opportunities. however , this analysis will be fully effective only if it is further extended to identify the cost incurred in ensuring quality in all areas of the supply chain incl...

maximizing economic earnings is the most common goal in cut-off grade optimization of open-pit mining operations. when this is the case, the price of the product has a critical effect on optimum value of cut-off grade. this paper investigates the relationship between optimum cut-off grade and price to maximize total cash flow and net percent value (npv) of operation. in order to visualize this ...