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Barigozzi, Francesca

The B.E. Journal of Economic Analysis & Policy

Editor-in-Chief: Ludwig, Sandra / Schmitz, Hendrik

Ed. by Auriol, Emmanuelle / Brunner, Johann / Fleck, Robert / Mastrobuoni, Giovanni / Mendola, Mariapia / Requate, Till / de Vries, Frans / Wenzel, Tobias / Zulehner, Christine

4 Issues per year


IMPACT FACTOR 2017: 0.306
5-year IMPACT FACTOR: 0.492

CiteScore 2017: 0.50

SCImago Journal Rank (SJR) 2017: 0.414
Source Normalized Impact per Paper (SNIP) 2017: 0.531

Online
ISSN
1935-1682
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Volume 4, Issue 1

Issues

Volume 6 (2006)

Volume 4 (2004)

Volume 2 (2002)

Volume 1 (2001)

Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance from the Dismal Science

Paul J Ferraro / Laura O Taylor
Published Online: 2005-09-09 | DOI: https://doi.org/10.2202/1538-0645.1469

Abstract

One expects people with graduate training in economics to have a deeper understanding of economic processes and reasoning than people without such training. However, as others have noted over the past 25 years, modern graduate education may emphasize mathematics and technique to the detriment of economic reasoning. One of the most important contributions economics has to offer as a discipline is the understanding of opportunity cost and how to apply this concept to all forms of decision making. We examine how PhD economists answer an introductory economics textbook question that requires identifying the relevant opportunity cost of an action. The results are not consistent with our expectation that graduate training leads to a deeper understanding of the concept. We explore the implications of our results for the relevance of economists in policy, research, and teaching.

Keywords: economic literacy; graduate education

About the article

Published Online: 2005-09-09


Citation Information: Contributions in Economic Analysis & Policy, Volume 4, Issue 1, ISSN (Online) 1538-0645, DOI: https://doi.org/10.2202/1538-0645.1469.

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