A benefit that a person could have received, but gave up, to take another course of action.

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The decision to go into the backcountry often comes at the cost of time spent with family, friends, or some other enjoyable or productive activity. Likewise, the decision to turn away from a skiing or riding objective comes at the perceived cost of a rewarding or fun experience. We are often swayed irrationally by focusing on the cost of what we are giving up. Gerry might talk himself into dropping in on a dangerous slope because “I gave up the opportunity to drink beers and watch the game with my pals today, so I’m not going to turn away now”.

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