INTEREST ON EQUITY CAPITAL AS AN EX POST COST: A REPLY
回应Zafiris关于股权资本利息应计入收入确定的观点，指出其混淆了隐性机会成本的意义和Buchanan的“可能情况”概念，后者实际对应Demski的事后绩效衡量。
It is argued by Zafiris that the conceptual framework relevant for decisionmaking is also relevant for performance evaluation. He uses this argument to justify the charging of interest on equity capital in determining income. Implicit opportunity costs are thus included in both observed results and in the standard against which performance is measured, revalued in the former case. This argument, in both its general and particular forms, involves two principle misconceptions: about the significance and purpose of implicit opportunity costs, and about what Buchanan means by “what might have been”, which in fact corresponds to Demski's ex post performance measure.