@article{article_1214364, title={A GENERAL ASSESSMENT ON THE ROLE OF OPPORTUNITY COST IN DECISION MAKING UNDER RISK AND UNCERTAINTY}, journal={Turkuaz Uluslararası Sosyo-Ekonomik Stratejik Araştırmalar Dergisi}, volume={4}, pages={15–24}, year={2022}, author={Çelik, Erhan}, keywords={Prospect theory, opportunity cost, reference point, framing effect, endowment effect., Prospect theory, opportunity cost, reference point, framing effect, endowment effect.}, abstract={Consumer needs are unlimited, but resources are limited. Therefore, satisfying one wish means not satisfying the other wish. The most valuable alternative that we have to give up for a sure choice or behavior is the opportunity cost of that choice or behavior. Economists argue that before a rational individual chooses an option, he/she will consider the opportunity cost, which is the highest value alternative that he/she must give up to pursue that option. However, many experimental studies have proven that people’s chooses are not always rational for risk and uncertainty. This study evaluates the role of opportunity cost in decision-making under risk and uncertainty.}, number={1}, publisher={Manisa Stratejik Araştırmalar Derneği}