Opportunity cost is a central concept in decision making. It is difficult to measure because it is the value associated with opportunities foregone. In this paper, we characterize three timebased dimensions of resources to help understand and estimate opportunity costs. These dimensions capture the intrinsic lumpiness of resources with respect to their acquisition (acquisition granularity), the...

The most common metric for assessing the adequacy of economic preparation for retirement is the income replacement rate, the ratio of income after retirement to income before retirement. However both economic theory and common sense say that someone is adequately prepared if she is able to maintain her level of economic well-being, which is not the same as maintaining her level of income or som...

This paper surveys the literature on pollinator declines and related concerns regarding global food security. Methods for valuing the economic risks associated with pollinator declines are also reviewed. A computable general equilibrium (CGE) approach is introduced to assess the effects of a global catastrophic loss of pollinators. There appears to be evidence supporting a trend towards future ...

The International Migration of Health Professionals Health workforce shortages in developed countries are perceived to be central drivers of health professionals’ international migration, one ramification being negative impacts on developing nations’ healthcare delivery. After a descriptive international overview, selected economic issues are discussed for developed and developing countries. He...

Many large-scale disasters have a strong human component. They cannot be solved by technical approaches alone, but require an understanding of the collective social dynamics. This is maybe most obvious for financial crises, famines and other shortages of resources, epidemic spreading of diseases, wars and international terrorism, revolutions, or the collapse of trust and cooperation in societie...

1 The 5,000-nautical mile (nmi) coastline of the wider Gulf of Guinea offers seemingly idyllic conditions for shipping. It is host to numerous natural harbors and is largely devoid of chokepoints and extreme weather conditions. It is also rich in hydrocarbons, fish, and other resources. These attributes provide immense potential for maritime commerce, resource extraction, shipping, and developm...

in recent years, the issue of globalization has become the focus of researchers and policymakers. there are some indicators to measure and evaluate globalization in different countries. the kof index is the most famous index which measure three aspects of globalization: economic, political, and social. in this paper, the impact of globalization on the building human resource (bhr) among the 56 ...

This paper approaches well-being from the two distinct perspectives of the Subjective and Objective wellbeing traditions. Drawing from Thai data collected in rural communities through the Resources and Needs Questionnaire (RANQ), the paper analyses the relationship between objective indicators of basic need satisfaction (following Doyal and Gough, 1991) and global happiness and domains satisfac...

The agricultural sector of African economies has faced considerable challenges within the past 50 years or so. Although agricultural production on the continent rose by an annual average of 2% between 1965 and 1980 and has continued to increase by 1.8% annually since then, population growth of 2.9% per year has resulted in a per capita decline in agricultural production. From self-sufficiency i...