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...