This paper shows a role for emotion in rational choice. The key concept here is “time illusion”. The perception of the time spent on an activity is often different from the actual time spent, and depends on how enjoyable the activity is. Based on the conception that time illusion affects...

This paper examines the estimation of the economic costs of hydrologic data collection using the concept of opportunity cost. The opportunity cost of operating a hydrologic data collection network is equal to the maximum value the resources used in its operation would have if they were free to...

This paper describes the theoretical underpinnings and provides empirical evidence for a model that predicts a positive impact of immigration on entrepreneurial activity. Immigrants, we hypothesize, facilitate innovation and entrepreneurship by being willing and able to invest in new skills. At...

We argue that economics – as the scientific method of analyzing trade-offs – can be helpful (and may even be indispensable) for assessing the trade-off between intergenerational and intragenerational justice. Economic analysis can delineate the “opportunity set” of politics with respect...

Management decision must be based on relevant costs (costs that allow for the best measures for business management), recognized by their forecasting characteristics which records hidden or opportunity costs, social costs and outsourced costs. Correctly predicted a profit is to build costs for...

Forest management aims at building ecological networks that minimize the impacts on timber production. We formalize the construction of ecological networks in forest environments as the optimal control dynamic graph-theoretic problem. The ecological network is based on a set of bioreserves and...

Economists often introduce their classes to opportunity cost concepts by pointing out the additional incomes students could be earning were they employed full time rather than attending university. A potential additional cost, a reduction in years of future labor force participation, is unlikely...

This paper attempts a social cost-benefit analysis of scientific versus traditional shrimp farming in West Bengal, India. Using primary data, the paper shows that although intensive or scientific shrimp farming yields high returns as compared to traditional shrimp farming, when the opportunity...

En America Latina cada vez surgen mas esquemas de pagos por servicios ambientales (PSA) como un elemento de politica ambiental y getsion de los recursos naturales. A partir de una revision de casos seleccionados sobre PSA relacionados con la captura de carbono en esta region, este articulo...

Deforestation is a leading cause of biodiversity loss and an important source of global carbon emissions. This means that there are important synergies between climate policy and conservation policy. The highest rates of deforestation occur in tropical countries, where much of the land at the...