Front Page Titles (by Subject) Knight on Cost as Valuation - Cost and Choice: An Inquiry in Economic Theory, Vol. 6 of the Collected Works
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Knight on Cost as Valuation - James M. Buchanan, Cost and Choice: An Inquiry in Economic Theory, Vol. 6 of the Collected Works 
The Collected Works of James M. Buchanan, Foreword by Geoffrey Brennan, Hartmut Kliemt, and Robert D. Tollison, 20 vols. (Indianapolis: Liberty Fund, 1999-2002). Vol. 6 Cost and Choice: An Inquiry in Economic Theory.
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Knight on Cost as Valuation
It is interesting that before he had written any of the papers previously cited, Frank Knight had explicitly referred to cost estimation as a valuation process inherent in choice itself. “[T]he cost of any value is simply the value that is given up when it is chosen; it is just the reaction or resistance to choice that makes it choice”9 (italics supplied). Having made this tie-in between opportunity cost and the decision process, however, Knight tended to confuse the fundamental issues in his later emphasis on alternate-product value, a value determined, presumably, not by the chooser, but in the whole market process.
[9. ]Frank H. Knight, “Fallacies in the Interpretation of Social Cost,” Quarterly Journal of Economics, XXXVIII (August 1924), 592f., reprinted in F. H. Knight, The Ethics of Competition (London: Allen and Unwin, 1935), p. 225.