Opportunity cost is a concept in economics that refers to the value of the next best alternative that is forgone when making a choice — i.e., the cost of the best alternative that is not chosen.

Forbes contributors publish independent expert analyses and insights. Tim Maurer covers how personal finance is more personal than finance. Sunk cost, opportunity cost, and the endowment effect. You ...

Harvard economist Roland Fryer provides surprising insights on how you think about household chores. Americans are obsessed with doing things ourselves. We clean our houses, assemble our furniture and ...