It is commonly recognized the relevance of transportation costs for studying recre- ational demand. However, these costs are related with travel and modal choice deci- sions. This paper oers a theoretical explanation of the new generation of the demand for recreational goods at destiny after the...

To determine whether individuals take into account sunk costs when making deci- sions, Thaler (1980, p.48) conducted an experiment in which anonymous individuals decided to enter an \all-you-can-eat" pizza restaurant; a random selection of those customers was given back the $2.50 they had paid....