Tag: Economic Modeling
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Opportunity Cost
Opportunity cost quantifies the trade-off between options, serving as a cornerstone for strategic decision-making by measuring the value of the next best alternative.
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As-If
Originating from the works of philosopher Hans Vaihinger, the “As-If” approach facilitates the analysis of complex systems using hypothetical scenarios. This methodology, while not always reflecting true conditions, aids in rendering intricate concepts more comprehensible.