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Sunk Costs: Literally

Thursday, November 13th, 2008

When the cost of maintaining a boat exceeds it’s value, owners abandon them. From Unlike cars, wooden and fiberglass boats have virtually no scrap value. So rather than pay the high cost of hauling their boats to the dump, people ditch them or sell them for as little as $1 to anyone who will […]

The Opportunity Cost of a Trip to Yellowstone…

Monday, December 10th, 2007

Is all the Wii you could have played if you stayed home. In a 2006 paper, Oliver Pergams and Patricia Zaradic come to the conclusion that the increase in electronic media is responsible for the decline in national park attendance since 1988. That national park attendance was on the decline was news to me. Growing […]