We build a model of universities combining their real production decisions with their choice of endowment size and asset allocation. Variation in opportunity cost, that is, the productivity of internal projects, has a first-order effect on these choices. Adding the UPMIFA-mandated 7% payout...

Exclusion zones, like protected areas or setback distances, are the most common policy instrument to mitigate environmental impacts of human land-use, including the deployment of renewable energy sources. This paper aims to understand and quantify the drivers of opportunity costs related to...

Exclusion zones, like protected areas or setback distances, are the most common policy instrument to mitigate environmental impacts of human land-use, including the deployment of renewable energy sources. While exclusion zones may provide environmental benefits, they may also bring about...