ECO440H5 Chapter Notes -Opportunity Cost, Economic Evaluation, Time Signature

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15 May 2014
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Annual cost: the cost of an intervention, calculated on a yearly basis, including all the capital and recurrent costs. Annualized costs: the annual share of the initial cost of capital equipment or investments, spread over the life of the project usually modified to take account of depreciation. Capital cost: the value of capital resources which have useful lives greater than one year. Direct cost: resources used in the design, implementation, receipt, and continuation of a health care intervention. Discounting rate: the rate at which future costs and outcomes are discounted to account for time preference. Discounting: a method for adjusting the value of costs and outcomes which occur in different time periods into a common time period, usually the present. Financial (budgetary) cost: the accounting cost of a good or service, usually representing the actual (historical) amount paid distinct from the economic (opportunity cost)

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