These implicit costs include waiting costs, time costs, aggravation costs, foreclosed-option costs, and costs that stem from exposure to the risk of...

These implicit costs include waiting costs, time costs, aggravation costs, foreclosed-option costs, and costs that stem from exposure to the risk of injury or loss. For example, lost sleep could be a cost of attending early morning classes. Economic analysis, with its assumption of rationality and benefit/cost comparisons, has often given people the mistaken impression that benefit/cost comparisons somehow equate life to a formula, or that only material benefits and costs are weighed. What about ethics and morality? What about unselfish acts of kindness and charity?