Travel cost recreation demand models stem from a simple, but penetrating, insight. Consumption of an outdoor recreation site's services requires the user to incur the costs of a trip to that site. Travel costs serve as implicit prices. These costs reflect both people's distances from recreation...

Military expenditure is difficult to define. Major issues are functional versus institutional approaches to defense, indirect and intangible costs and benefits and current versus comprehensive accounting. Authoritative institutions have adopted standard definitions but national governments are...

In this chapter both theory and empirics are used to show that our picture of the processes of economic development changes radically when nature is introduced as a capital asset. Particular features of institutions that fashion societies' use of the natural-resource base are identified and...

In tax year 1988, delaying filing income tax returns cost the 73.2 million taxpayers claiming refunds nearly one billion dollars of interest. "Impatient" tax filers, who mail in their tax payments before the filing deadline, passed up $46 million in interest. We develop a model of tax filing...

The European Union Green Deal aims at curbing greenhouse gas emissions and introducing clean energy production. But to achieve energy efficiency, the opportunity cost of different energies must be assessed. In this article, two different energy self-sufficient systems for wastewater treatment...

The idea that choices alter preferences has been widely studied in psychology, yet prior research has primarily focused on choices for which all alternatives were salient at the time of choice. Opportunity costs capture the value of the best forgone alternative and should be considered as part...

Using NLSY data, the authors estimate the long-term costs of job displacement for young adults. Earnings and wage losses were large for the first three years following displacement. Compared to earnings losses found by other studies for more mature workers, however, earnings losses for these...

Does the composition of governance affect firm outcomes? We exploit the timings and thresholds of a gender quota in boards of directors and supervisory boards to causally determine the impact of a change in leadership on performance. Using a novel design and data on boards, we find that firms...

The emergence of large technology companies and their entry into global financial services offer new opportunities for financial inclusion, efficiency, and stability. In particular, the Global Findex 2021 indicate significant progress in the access to digital financial services despite the...