There is often a cost--benefit balance or cost--benefit trade-off as decsions that lead to benefots may also have associated costs. We have to chose whether the benefit is worth the cost. This is easy if both are certain, in the same units and at the same time. For example, suppose choice A has a benfit of 100 euro and cost of 50 euro and choice B has a benefit of 70 euro and cost of 10 euro; it is clear that choice A is better. However, the benefit may depend on the wetaher or the throw of a dice, so that weighing up cost/benefot may involve risk. It gets more cmplicated when the units of value differ for exmaple if the benefit is be monetary and the cost about health and well being, such as choosing between a well-paid but boring and stressful job versus an fulfilling job that pays very little. The costs and benefots might also arose at different times, for example, saving in a pension fund.
Used on pages 181, 374, 447, 451