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I develop a model revealing the interplay between a stock's liquidity and the policies and value of the issuing firm. The model shows that bid-ask spreads increase not only the firm's cost of capital but also the opportunity cost of cash, then lowering cash reserves, increasing liquidation risk, and reducing firm value. These outcomes are stronger when internalized by liquidity providers, simultaneously leading to a wider bid-ask spread. A two-way relation between the firm and the liquidity of its stock arises, implying that shocks arising within the firm or in the stock market have more complex implications than previously understood. [ABSTRACT FROM AUTHOR]

Smart services' data-intensive nature means their convenience for users comes with privacy concerns. This poses challenges for the supply of smart services. This paper analyses the impact of user-differentiated privacy costs on smart service supply strategies. It also discusses the effects of privacy protections and data utilisation capabilities on the improvement of smart service levels. We find that providers tend to segment the market based on user privacy sensitivity to capture the maximum consumer surplus. Strict privacy protection requirements may cause providers to sacrifice service quality. Privacy protection is conducive to improving the level of smart services only when users fully recognise these services' value. Interestingly, our study finds improvements in service levels by providers are driven by two factors. On the one hand, providers choose to improve their service levels to obtain more data and create more profits. On the other hand, to reduce the opportunity costs of early investments to develop services, providers need to improve their capabilities to utilise the value of data, ultimately leading to improved service levels. This study brings a new perspective to the supply of smart services and offers suggestions for how to resolve the contradiction between smart service use and privacy preservation. [ABSTRACT FROM AUTHOR]

Picking wild edible mushrooms is a key activity both for rural as well as urban communities. Studies into the topic support the notion of the major socio-economic benefits, which increase both producer as well as consumer surplus. However, to date, no study has estimated picking harvests in the way this study does or what effects these might have on local communities with regard to other activities, both in terms of work and leisure time. This study explores both issues, taking as an indicator a variable used in conventional analysis in other sectors, yet which thus far has not been employed in wild edible mushroom picking: productivity value. The chosen study area is the autonomous community of Castile and León, a Spanish region with an important and long-running mycological tradition. Using the decision-making method between individuals' leisure time and work time, the authors test the corresponding hypotheses. The results that emerge for the years analyzed (2013 and 2014) support the hypothesis of distorting/moderating effects related to the effects of picking yields on pickers' income and their impact on the individual supply for labor function of pickers. [ABSTRACT FROM AUTHOR]

Accidents are frequent in the construction industry, where managerial negligence and inadequate safety supervision are significant factors that contribute to these safety incidents. However, existing research tended to concentrate on the outcomes resulting from inadequate safety supervision but neglected the decision-making process behind insufficient supervision, which fails to fundamentally address the issue of accidents caused by insufficient supervision. To address these gaps, this study examines the key cost–benefit factors influencing safety supervision decisions among employers, contractors, supervisors, and construction workers in the Chinese construction industry. Using semistructured interviews with 49 participants and questionnaire surveys with 203 respondents, the effects of various factors on safety supervision were identified. An evolutionary game model was then employed for simulation based on the identified key factors to provide recommendations. The findings reveal 58 pivotal cost–benefit factors that influence safety-related decisions, encompassing four explicit benefits, eight implicit benefits, 35 explicit costs, and 11 implicit costs. The results indicate that implicit costs and benefits are significant factors driving safety supervision. Explicit costs are primarily driven by company or project standards, whereas implicit costs are influenced by company or employee attitudes and perceptions. Additionally, recommendations were proposed: increasing awareness of the implicit benefits of safety supervision, reducing noncritical expenditures, improving hazard awareness, and strengthening government and employer supervision. This research contributes to enriching the cost–benefit framework in construction safety supervision, shedding light on the root causes of insufficient safety supervision through a cost–benefit analysis, and implementing measures to promote safety supervision and onsite safety performance. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic generated an unprecedented educational supply shock due to prolonged schools' closures. Using time-use data representative of the U.S. population, we examine how parents' involvement in educational activities with school-age children changed to cope with the shock. We find that parents do not participated more frequently in educational activities with their children during the pandemic but the time they spent in educational activities, especially with younger children, was significantly increased. We also find that wealthier parents spent less time in educational activities with children, likely due to higher opportunity costs. These findings have important implications for educational and distributional policies. [ABSTRACT FROM AUTHOR]

Integrated demand management and vehicle routing problems are characterized by a stream of customers arriving dynamically over a booking horizon and requesting logistical services, fulfilled by a given fleet of vehicles during a service horizon. Prominent examples are attended home delivery and same-day delivery problems, where customers commonly have heterogeneous preferences regarding service fulfillment and requests differ in profitability. Thus, demand management methods are applied to steer the booking process to maximize total profit considering the cost of the routing decisions for the resulting orders. To measure the requests' profitability for any demand management method, it is common to estimate their opportunity cost. In the context of integrated demand management and vehicle routing problems, this estimation differs substantially from the estimation in the well-examined demand management problems of traditional revenue management applications as, for example, found in the airline or car rental industry. This is because of the unique interrelation of demand control decisions and vehicle routing decisions as it inhibits a clear quantification and attribution of cost, and of displaced revenue, to certain customer requests. In this paper, we extend the theoretical foundation of opportunity cost in integrated demand management and vehicle routing problems. By defining and analyzing a generic Markov decision process model, we formally derive a definition of opportunity cost and prove opportunity cost properties on a general level. Hence, our findings are valid for a wide range of specific problems. Further, based on these theoretical findings, we propose approximation approaches that have not yet been applied in the existing literature, and evaluate their potential in a computational study. Thereby, we provide evidence that the theoretical results can be practically exploited in the development of solution algorithms. Funding: This work was supported by the University of the Bundeswehr Munich. Supplemental Material: The online appendices are available at https://doi.org/10.1287/trsc.2024.0644. [ABSTRACT FROM AUTHOR]

In this work we solve initial-boundary value problems associated to coupled 2D parabolic singularly perturbed systems of convection-diffusion type. The analysis is focused on the cases where the diffusion parameters are small, distinct and also they may have different order of magnitude. In such cases, overlapping regular boundary layers appear at the outflow boundary of the spatial domain. The fully discrete scheme combines the classical upwind scheme defined on an appropriate Shishkin mesh to discretize the spatial variables, and the fractional implicit Euler method joins to a decomposition of the difference operator in directions and components to integrate in time. We prove that the resulting method is uniformly convergent of first order in time and of almost first order in space. Moreover, as only small tridiagonal linear systems must be solved to advance in time, the computational cost of our method is remarkably smaller than the corresponding ones to other implicit methods considered in the previous literature for the same type of problems. The numerical results, obtained for some test problems, corroborate in practice the good behavior and the advantages of the algorithm. [ABSTRACT FROM AUTHOR]

Background: Knowing the health opportunity costs of funding decisions is crucial to assess whether the health gains associated with new interventions are larger than the health losses imposed by the displacement of resources. Empirical estimates based on the effect of health spending on health outcomes have been proposed in several countries, including Spain, as a proxy to capture these opportunity costs. However, there is a need to regularly update existing health opportunity cost estimates and to explore the role of omitted variable bias in these estimations. Objective: The aim of this paper is to provide an updated and refined estimate of the causal impact of health spending on health in Spain that can be translated into an estimate of the incremental cost per quality-adjusted life-year produced by the Spanish national health system. Methods: We applied fixed-effect models using data for 17 Spanish regions from 2002 until 2022 to estimate the impact of public health spending on health outcomes and explored the extent of omitted variable bias. Changes in these estimates over time were assessed and alternative specifications were tested. Results: Based on fixed-effect models with control variables, the estimated spending elasticity was 0.061, which translated into an incremental cost per quality-adjusted life-year of approximately €34,000. The bias-corrected elasticity was 0.075, with a corresponding incremental cost per quality-adjusted life-year of €27,000. We found that the estimated impact of spending on health decreases when recent years of data are added, and that the extent of omitted variable bias appears to increase, particularly when adding the COVID-19 pandemic period. Conclusions: This study provides an updated estimation of the incremental cost per quality-adjusted life-year produced by the Spanish national health system. The estimates provided can be easily updatable as new data become accessible, and the methods applied might be transferable to other settings with similar available data. [ABSTRACT FROM AUTHOR]

This paper constructs a model for the study of optimal immigration from the perspective of natives. They have preferences over redistributive transfers, a public good subject to congestion, and over the level of family‐based migration. Border enforcement is costly. The model derives conditions for an optimal immigration policy, which balances skill‐based against family‐based migration, equalizes the fiscal opportunity cost of unauthorized immigration with the marginal cost of enforcement, and balances the effects on transfers against the implied congestion effects. A parameterized version of the model studies the 1994–2008 period and finds legislation projects on immigration consistent with the model's predictions. [ABSTRACT FROM AUTHOR]

We construct tradable risk factors using combinations of large and liquid mutual funds (long leg) and ETFs (exchange-traded funds) (long and short legs), based on their holdings, for both retail and institutional investors. Exploiting a novel dataset, our tradable factors take into account ETF shorting costs. Assessing the performance of our tradable factors against standard "on-paper" factors, we uncover an implementation shortfall of 2–4 percent annually. Shorting fees and transaction costs contribute to 58 percent of the performance differential between tradable and "on-paper" factors, assigning a non-trivial role to the opportunity cost of not trading the exact "on-paper" portfolio. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to revisit the relationship between sales growth and profitability by exploring the direct and indirect effects of cost stickiness in the growth process. Cost stickiness refers to asymmetric variations of costs associated with increases and decreases in sales. Cost stickiness is analyzed as a strategic liability that negatively affects profitability because it contributes to organizational rigidity that causes opportunity costs. Design/methodology/approach: The empirical design is based on a large sample of 65,599 French firms drawn from the Amadeus database and it covers the period 2010 to 2019. The authors take advantage of the presentation of expenses made by nature in Amadeus to calculate cost stickiness in a more direct way than what is commonly done in the literature. The authors use various regression models to test the hypotheses. Findings: For firms that experience rapid growth in sales, cost stickiness has a positive moderating effect on the relation between sales growth and profitability because of a higher asset turnover efficiency. However, for firms that experience slow growth, no growth or a decrease in sales, cost stickiness plays a negative moderating effect on the relation between sales and profitability. Originality/value: This work contributes to the discussion about the conditions under which high growth is associated with greater profitability and conceptualizes cost stickiness as a strategic liability. The empirical context, privately held firms, has been overlooked by previous research. [ABSTRACT FROM AUTHOR]

This paper uses one of the largest changes to labor demand in developing countries—harvest—to examine how the returns to fighting vs. working impact the intensity of conflict. Exploiting the exogenous allocation and timing of harvest across Afghanistan, Iraq, and Pakistan, we find that the onset of harvest reduces the number of insurgent attacks by between 6 and 21%. This is not due to changes in local temperature or rainfall, to name a few possibilities. Moreover, because harvest is transitory and anticipated, our estimates minimize the potential bias present in other persistent income shocks commonly used in the literature. [ABSTRACT FROM AUTHOR]

Background: Prior work has demonstrated that telemedicine in orthopedic surgery is cost-effective and can yield good clinical outcomes with high patient satisfaction. However, few studies have investigated the use of telemedicine in orthopedic oncology. In this study, we assessed the effect of telemedicine on (1) potential cost savings for orthopedic oncologic patients and (2) clinical outcomes as measured by unexpected in-person clinic visits and missed complications. Materials and Methods: A total of 308 patients who had 528 telemedicine visits in the orthopedic oncology clinic from May 2020 to August 2023 were identified. Demographic and clinical information, travel distance/time to clinic, complications, and instances where a telemedicine visit prompted an in-person evaluation were collected and reported with descriptive statistics. Cost savings were calculated based on travel distance and lost productivity. Patients with and without a complication or an unexpected in-person clinic visit were compared to identify risk factors for these clinical outcomes. Results: Cost analysis demonstrated that telemedicine offers patients a potential cost savings of up to $475.2±$242.9 per visit. For 4.5% of the patients, a telehealth visit prompted an in-person evaluation. A complication was experienced by 5.5% of the patients. No complications were missed because of telemedicine. A diagnosis of a malignant tumor was associated with a higher rate of complications (P=.01) and unexpected in-person clinic visits (P=.03). Conclusion: Telemedicine can reduce the financial burden of treatment for orthopedic oncologic patients without negatively impacting clinical outcomes. Care should be taken when considering telehealth for patients with malignant tumors given their higher risk for adverse outcomes. [Orthopedics. 2025;48(1):e27–e32.] [ABSTRACT FROM AUTHOR]

The authors of this article explain how two Veconlab class "experiments" can be used to clarify common points of confusion about the cost curves (sunk, marginal, and average). In each case, the experiment can be motivated, framed, or explained with environmental policy applications that are provided in the suggestions-for-discussion section. The connections to climate change are used to enhance student interest. Providing relative earnings information during the experiment is an effective way to let students discover their own misconceptions. [ABSTRACT FROM AUTHOR]

Transaction cost model predicts opportunity costs should negatively affect money demand. Examining the effect of cost of carry (CC) on cash holdings at the firm‐level, rather the average effect for entire population, we find that such a pervasive negative relation does not hold in times of low interest rate with about a 10% chance of observing positive effects. Firm size emerges as the primary driver of this heterogeneity, demonstrating a hump‐shaped effect on the cash‐CC link. Our findings suggest that policymakers should track the distributional impacts of opportunity cost of money demand over time to better evaluation of monetary policy. [ABSTRACT FROM AUTHOR]

Usage of containers beyond the predetermined period results in container demurrage and detention (D&D) that is charged by the carriers. The D&D charges are often perceived as a profit-making revenue stream for carriers, which raises the question of whether D&D charges adequately balance the ecosystem actor's interests. D&D charges in the maritime ecosystem have not received wider attention, the focus so far being mainly on some operational aspects of container delays. This paper contributes to the literature by mapping the ecosystem members' interests and proposing how to make these interests more balanced as far as D&D charges are concerned. For that purpose, economic (cost analysis) and legal (doctrinal and comparative) perspectives are employed. The conducted analysis presents the carrier's opportunity costs and confirms that there might be a notion of the profit-making nature of D&D, which is not sufficiently mitigated under the existing legal framework. The legal framework provides mainly ex-ante mitigation strategies for which a party burdened with a D&D invoice would need to file a court claim. Nevertheless, the correction standards to prevent exaggerated D&D charges are largely missing. The paper suggests contractual and regulatory solutions that could help balance the ecosystem actors' interests as far as D&D charges are concerned. [ABSTRACT FROM AUTHOR]

We adapt non-linear optimal control theory (OCT) to control oscillations and network synchrony and apply it to models of neural population dynamics. OCT is a mathematical framework to compute an efficient stimulation for dynamical systems. In its standard formulation, it requires a well-defined reference trajectory as target state. This requirement, however, may be overly restrictive for oscillatory targets, where the exact trajectory shape might not be relevant. To overcome this limitation, we introduce three alternative cost functionals to target oscillations and synchrony without specification of a reference trajectory. We successfully apply these cost functionals to single-node and network models of neural populations, in which each node is described by either the Wilson-Cowan model or a biophysically realistic high-dimensional mean-field model of exponential integrate-and-fire neurons. We compute efficient control strategies for four different control tasks. First, we drive oscillations from a stable stationary state at a particular frequency. Second, we switch between stationary and oscillatory stable states and find a translational invariance of the state-switching control signals. Third, we switch between in-phase and out-of-phase oscillations in a two-node network, where all cost functionals lead to identical OC signals in the minimum-energy limit. Finally, we (de-) synchronize an (a-) synchronously oscillating six-node network. In this setup, for the desynchronization task, we find very different control strategies for the three cost functionals. The suggested methods represent a toolbox that enables to include oscillatory phenomena into the framework of non-linear OCT without specification of an exact reference trajectory. However, task-specific adjustments of the optimization parameters have to be performed to obtain informative results. [ABSTRACT FROM AUTHOR]

Despite people's general desire to avoid cognitive effort, there is a limit to our parsimony: boredom, a state defined by a lack of successful mental engagement, is found to be similarly aversive. The work presented here investigates how context – the alternative tasks present and the environmental context – impacts people's aversion to exerting cognitive effort and avoiding boredom via a demand-selection task. In a population of undergraduate students, we assessed how people's willingness to exert mental effort (in a working memory task) is affected by the presence of an easier alternative (less cognitively demanding) or a boring alternative (doing nothing at all). To manipulate environmental context, we conducted the experiment online, where participants completed the task remotely, and in a controlled laboratory setting. We find people willingly seek out effortful tasks to avoid boredom, despite avoiding high demands when both tasks on offer required some effort. We also find large effects of the participants' environmental context, with preferences for the most demanding task increasing by over 150% in the lab compared to online. These results bear relevance to theories that argue the costs of effort are determined relative to the alternatives available (e.g., opportunity cost theories). Moreover, the results demonstrate that researchers who deliberately (or inadvertently) manipulate effort and boredom must consider the effects context (both choice and environmental) may have on people's behaviour. [ABSTRACT FROM AUTHOR]

Recent research into the relationship between agricultural income and conflict has revealed sub-national geographic variation in the relationship. But many governments fighting rebellion are involved in more than one conflict simultaneously. This paper engages in a sub-national analysis of Colombia, utilising data on coffee income and violence across two individual rebel groups, to argue that the relationship between shifts in agricultural income and conflict holds only for the strongest group in a conflict region. This is explained by considerations of opportunity cost, a proposition tested in an analysis of competing mechanisms. Results show strong support for the propositions. [ABSTRACT FROM AUTHOR]

Statistical approaches such as Reference Class Forecasting and Monte Carlo Simulation are widely used to estimate the cost contingency of large-scale transport projects (>$500 million) to mitigate cost overruns during construction. Such approaches may accommodate exposure to risk, but they will fall short in the face of the irreducible uncertainty that confronts project delivery. An underused alternative for formulating a cost contingency is smart heuristics (i.e. simple task-specific decision strategies), which are superior to statistical reasoning under Knightian uncertainty. We set forth an agenda for research on building and using an 'adaptive toolbox' of ecologically rational heuristics that decision-makers can apply to produce more accurate contingency estimates for large-scale transport projects. We identify several methodological considerations to support the adaptation and discovery of new heuristics for decision-makers to navigate judgments under uncertainty during the contingency estimation process. The implications for research, policy, and practice are also identified. The contributions of our paper are twofold as we: (1) provide a platform for challenging the effectiveness of the prevailing convention of using statistical reasoning to estimate a project's cost uncertainty; and (2) identify an avenue for testing existing and discovering new heuristics that can assist decision-making in projects. [ABSTRACT FROM AUTHOR]

According to the regulations in force, including in Poland, loan institutions must disclose the costs of consumer credit. However, these costs can be presented in many ways. By conducting in -depth interviews with experts, we analyse whether the way in which the applicable regulations are imposed supports the credit decisions of the average consumer. Experts' statements show that the regulatory solutions currently in use may deliver far from what is expected. AER, annual effective rate (RRSO in Poland), the key measure of the cost of consumer credit introduced in Poland by the provisions of the Consumer Credit Act, is very ambiguous and, in the opinion of experts, in many cases distorts the actual cost of credit, thus making it difficult for consumers to make rational credit decisions. The conclusions of the study may be of significant importance both for institutions regulating the consumer credit market and for entities operating on this market. [ABSTRACT FROM AUTHOR]

This study investigates how innovation affects cost stickiness. Utilising data on patents of US firms between 1991 and 2022, we find that the extent of cost stickiness is greater with a greater number of forward citations for patents. We also find that the main relationship is more pronounced in high‐tech industries, high labour cost intensity, and market competition. In addition, we find that firms with a higher number of patents and forward citation experience a subsequent increase in sales. Overall, this makes a valuable addition to the extant literature, proposing that patents serve as an alternative driver of cost stickiness. [ABSTRACT FROM AUTHOR]

In this paper, we examine the usefulness of time commitment as a voting resource for decentralized governance when the identity of voters cannot be verified. In order to do so, we take a closer look at two issues that confront token-based voting systems used by blockchain communities and organizations: voter fraud through the creation of multiple identities (Sybil attack) and concentration of voting power in the hands of the wealthy (plutocracy). Our contribution is threefold: first, we lay analytical foundations for the formal modeling of the necessary and sufficient conditions for a voting system to be resistant to a Sybil attack; second, we show that tokens as the only instrument for weighting votes cannot simultaneously achieve resistance to both Sybil attacks and a plutocracy in the voting process; and third, we design a voting mechanism, bond voting, that is Sybil resistant and offers a second instrument (time commitment) that is effective for countering plutocracy when large token holders also have a relatively high opportunity cost of locking tokens for a vote. Overall, our paper emphasizes the importance of time-based suffrage in decentralized governance. This paper was accepted by Joshua Gans, business strategy. Funding: This work was supported by Gitcoin (Using commitment voting for better DAO governance) and the Australian Research Council [Grant DP200101808]. [ABSTRACT FROM AUTHOR]

SYNOPSIS: The purpose of this study is to examine the benefits and costs of an alternative to the traditional time-based budget audit model. We survey auditors who participated in a real-world, firm-designed, non-time-based budget (NTB) model pilot program during which several engagement teams were not provided with a time budget and auditors did not track time. Results suggest auditors appreciated the autonomy the NTB model allows, felt it improved teamwork, reported less concern about performance evaluations, felt empowered to deliver value-added services to the client, and indicated greater work-life balance and job satisfaction. Firm-provided proprietary archival evidence suggests that efficiency did not differ across the two models, as the timing of audit procedure signoffs was not negatively impacted under the NTB model. Overall, our results suggest a NTB model may be a viable option for audit firms looking to decrease their reliance on time-based budgeting. Data Availability: Please contact Erin M. Hawkins. [ABSTRACT FROM AUTHOR]

Paid parental leave has become a part of family policies in an increasing number of Western societies. Parental leave benefits may create varying incentives which can lead to heterogeneous fertility responses. The aim of this study is to examine whether and how the changes in second- and third-order fertility associated with the 2004 parental leave reform in Estonia vary depending on mothers' education and ethnic background. The study draws on data from Estonian administrative registers on women born between 1960 and 1999, who had their first or second child between 1993 and 2014. Mixture cure models are estimated for the transitions to second and third births. We find that women with high educational attainment exhibit a stronger response, both in terms of accelerating the tempo and increasing the quantum of fertility, to the introduction of earnings-related parental leave benefits, than their counterparts with less schooling. In terms of fertility quantum, Estonian women show a stronger response than women from other ethnic groups. Regarding the tempo of childbearing, the results pertaining to ethnic differences are mixed. The study suggests that changes in fertility behavior associated with the introduction of earnings-related parental leave benefits are more pronounced among women with higher opportunity costs. [ABSTRACT FROM AUTHOR]

Generative artificial intelligence (GAI) challenges creative efforts and work that build on expertise. Since GAI has the ability to generate content that can be easily confused with human output, it puts professionals and their organizations at risk. We explore how professional service firms (PSFs) (in law, architecture, and auditing) react to this new technology and what it has entailed for them. We show that GAI has not been perceived as a threat, but these professionals have rather embraced the new technology. However, actual results of GAI initiatives remain to be seen. Also, concerns have been raised that GAI comes with an opportunity cost, as other potentially more suitable and profitable technologies are overlooked. Building on insights from our case study, we highlight several issues that need to be further explored. Ideas for a future research agenda, as well as practical advise for how to put GAI into use, are outlined. [ABSTRACT FROM AUTHOR]

Empirical testing of energy maximization models has been used to clarify the drivers of resource partitioning among large herbivores. Most studies, however, have not considered that predictions of optimal diet depend on the temporal scale of maximization. This omission can hinder the effectiveness of optimality principles in elucidating animal distributions, dietary choices, and the dynamics of species coexistence. We used movement analysis and scale‐dependent energy gain modeling to study how three large herbivores share resources: red hartebeest (Alcelaphus buselaphus), a 120‐kg grazing ruminant; zebra (Equus quagga), a 300‐kg grazing nonruminant; and eland (Tragelaphus oryx), a 460‐kg ruminant, mixed feeder. We found that resource partitioning was achieved through a synergy of spatial segregation and interspecies differences in habitat selection and in the temporal scale of energy maximization. Radio‐collared individuals of the three species spent 95% of their time >850 m from one another. Hierarchical movement analysis revealed that red hartebeest and zebra selected grasslands within which they selected patches maximizing their daily energy gains. Selection was particularly strong for red hartebeest, as expected for a ruminant of relatively small size. Unlike the other species, eland avoided grasslands; when they ventured into grasslands, they selected patches offering high short‐term energy gains at the expense of daily gains. This selection for rapid energy gain could reflect relatively high missed opportunity costs when foraging in grasslands due to the broad range of feeding opportunities for this large mixed feeder. This finding is also consistent with the notion that larger herbivores tend to face stronger constraints from resources availability than digestibility. Overall, differences in selection strength and foraging currencies among these large herbivores are consistent with allometric theory. Our study illuminates the drivers of resource partitioning that can promote the coexistence of large herbivore species, while also showing that, to provide a useful and robust basis to explain animal movement and resource partitioning, energetic models should be based on a relevant scale of energy maximization. [ABSTRACT FROM AUTHOR]

Based on China's multi-region input–output tables from 2012 and 2017, we measured the greywater footprint and the value-added totals implied by trade within the Yangtze River Economic Belt. Additionally, we constructed an environmental inequity index to analyze the environmental inequity resulting from shifts in the greywater footprint. Finally, we designed and compared two sets of eco-compensation schemes based on the direct and opportunity costs of water resources. The results indicate that: (1) economically developed regions with strong consumption capacities, such as Jiangsu, Zhejiang, and Shanghai, are the primary importers of greywater footprints, whereas the opposite is true for exporters, with most of these regions having a higher GDP (Gross Domestic Product) share from agriculture; (2) a trade phenomenon exists where developed regions leverage their high-value-added industries to exploit underdeveloped regions, exacerbating regional imbalances and hindering the overall coordinated and high-quality development of the region; (3) the direct cost option is less effective than the opportunity cost option in promoting overall regional environmental equity, as the direct cost option fails to account for indirect costs, making the opportunity cost option more advantageous for fostering coordinated regional development. [ABSTRACT FROM AUTHOR]

The complexity of decision-making for companies buying transportation services has increased due to the presence of more options and pricing schedules for transportation. Many companies make transportation and inventory decisions in an uncoordinated way and select only one transportation mode, missing opportunities for logistics cost savings. The experimental study in this paper is based on a real-world decision problem faced by a Scandinavian company that distributes fast-moving consumer goods and wants to determine its transportation strategy. We propose a novel multi-mode lot-sizing model with dynamic deterministic demand to illustrate the cost impact of accurately modelling piecewise-linear transportation costs and allowing a more flexible usage of transportation modes when planning order replenishments. We compare three transportation strategies with increasing degrees of flexibility: two single mode strategies, where one strategy is more flexible than the other, and a multi-mode strategy. We conclude that managers can significantly reduce costs by increasing the flexibility of mode selection in transportation strategies. [ABSTRACT FROM AUTHOR]

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Abstract Background Nosocomial infections (NI) significantly worsen patient outcomes, resulting in higher mortality rates and reduced health-related quality of life. Furthermore, they pose substantial economic strain on healthcare systems and hospitals. For instance, patients with nosocomial infections (NIs) experience prolonged hospital stays compared to those without NIs. These extended stays result in occupied bed-days, leading to opportunity costs for hospitals. This study aimed to estimate the opportunity costs for a German hospital based on hospital stays, daily revenue, and occupancy rates (OCR). Methods We analysed cost data obtained from routine records maintained by the accounting department of a German hospital's surgical and orthopedic units from 2018 to 2019 for the “HygArzt” research project. To ensure balance, we employed genetic matching. We estimated the differences in length of stay (LOS) and daily revenue between patients with and without nosocomial infections (NI) using linear regression. Finally, we calculated the opportunity cost borne by the hospital by treating NI patients instead of non-NI patients. All costs are reported in 2018 Euros. Results The final sample included 81 patients with NI matched with 207 patients without NI. The majority of the NI patients (77.0%) had surgical site infection (SSI). Compared to non-NI patients, we observed that NI patients had a longer LOS (10 days, p < 0.001) and lower daily revenue (€400, p < 0.001). We also found that comorbidities and the frequency of operations had significant impact on the LOS. Using a baseline 30 to 50% preventable NIs, successful prevention of a single NI could potentially reduce the length of hospital stay by 3 to 5 days and increase hospital revenue by approximately €120 to €200 per day per prevented NI. Consequently, the hospital saves 3 to 5 more bed-days to backfill and generate more revenue, and/or make more efficient resource allocation by changing bed-capacity and staffing. The resulting opportunity costs can potentially exceed €1,000 per preventable case. Conclusion NIs pose a substantial economic burden for hospitals. From a health economics’ perspective, there are strong economic incentives for hospitals to implement infection control interventions, such as the involvement of a prevention link physician/nurse.

Substantial investments are made in universities patenting new developments to pursue a return. To gauge the impact of the holistic costs of patenting at universities, this study provides a new methodology for quantifying the investment in intellectual property (IP) that includes not only technology transfer staff costs but also direct and opportunity faculty-related costs. It then uses the novel methodology and publicly accessible data on an average American research university case study. The results found all component costs were higher than the IP-related income, with the opportunity cost for writing patents instead of grants being more than 33 times the income realized through IP protection. Overall, the case study university loses over $9million/yr on IP with a negative ROI of -97.6%. Research universities have opportunities to increase research income >10% by ignoring IP. It is clear that Bayh-Dole Act and similar national legislation, is harming university economics. It can be concluded that as generally practiced in the U.S. now, it is not rational to continue to support university technology transfer by patents. Instead, to improve the economic bottom lines of universities, as well as increase the good that research and development does for society, universities can open source all innovations.

Background & aim: Hepatitis B is globally recognized as a major public health problem that imposes a huge economic burden on society. China is a major country with hepatitis B infection; however, an updated overview of the economic burden of hepatitis B and related diseases in China has not been provided. This study aimed to provide a comprehensive understanding of the economic burden and factors influencing hepatitis B and related diseases by synthesizing the available evidence, with the aim of informing clinical treatment and health decisions. Methods: Two researchers systematically searched relevant literature published in PubMed, Web of Science, China Knowledge Network, Wanfang Database, and Vip Database from 2002 to 2022, and conducted title and abstract reviews according to the PRISMA guidelines for the development of nerfing criteria, as well as quality evaluation of the included literature. Results: Thirty-three studies were included in the literature. The quality of the included literature was average, with the majority being individual studies and a few group studies, which showed that the annual economic burden per capita of hepatitis B-related diseases was 92,978.34 RMB, with a high proportion of direct and hidden costs, and a large disparity in economic burden between related diseases, with the greatest burden for primary hepatocellular carcinoma and the smallest burden for acute hepatitis B. The study found that the main factors affecting the cost of disease were sex, age, occupational classification, place of residence, health insurance conditions, hospital class, length of hospitalization, use of antiviral drugs, comorbidities, and complications. Conclusion: Hepatitis B has caused a huge economic burden on Chinese society, and hidden costs also respond to a great psychological burden on patients and their families. Based on existing studies, there is an urgent need for high-quality, multicenter, population-level studies to inform clinical treatment and health policy decisions. [ABSTRACT FROM AUTHOR]

The abrupt evolution of Artificial Intelligence (AI) in academia has spurred a complex debate regarding its rejection or integration in academia. This study aims to portray a comparative analysis of the risks associated with the integration of AI and the missed opportunities in the absence of AI in academic settings. Utilizing the economic theory of Opportunity Cost as a theoretical framework, the study investigates whether the potential gains from AI adoption outweigh the losses. The Opportunity Cost is a fundamental principle in economics, which determines the best alternative between two choices in a single context, guiding individuals and organizations to make the best choice. Adopting a qualitative methodology for this systematic review, the research employs content analysis. Using the Boolean formula, the researcher constructed precise search queries to retrieve relevant literature across six databases and applied specific protocols of inclusion and exclusion; from an initial pool of 260 existing literature, 72 relevant studies were selected based on bibliometrics for final synthesis to avoid the fallacy of composition, a wrong decision about AI. The findings indicate that the blessings of generative AI in academia significantly outweigh the risks, leading to the decision to integrate AI in academia. Although the study recorded negative aspects, these are not substantial enough to undermine the overall positive impact of AI, as it holds considerable promise for fostering dynamic academic environments. This research aims to inform and shape user attitudes toward its adoption in academia and provides valuable insights for academic institutions, educators, and policymakers. [ABSTRACT FROM AUTHOR]

Background: Nosocomial infections (NI) significantly worsen patient outcomes, resulting in higher mortality rates and reduced health-related quality of life. Furthermore, they pose substantial economic strain on healthcare systems and hospitals. For instance, patients with nosocomial infections (NIs) experience prolonged hospital stays compared to those without NIs. These extended stays result in occupied bed-days, leading to opportunity costs for hospitals. This study aimed to estimate the opportunity costs for a German hospital based on hospital stays, daily revenue, and occupancy rates (OCR). Methods: We analysed cost data obtained from routine records maintained by the accounting department of a German hospital's surgical and orthopedic units from 2018 to 2019 for the "HygArzt" research project. To ensure balance, we employed genetic matching. We estimated the differences in length of stay (LOS) and daily revenue between patients with and without nosocomial infections (NI) using linear regression. Finally, we calculated the opportunity cost borne by the hospital by treating NI patients instead of non-NI patients. All costs are reported in 2018 Euros. Results: The final sample included 81 patients with NI matched with 207 patients without NI. The majority of the NI patients (77.0%) had surgical site infection (SSI). Compared to non-NI patients, we observed that NI patients had a longer LOS (10 days, p < 0.001) and lower daily revenue (€400, p < 0.001). We also found that comorbidities and the frequency of operations had significant impact on the LOS. Using a baseline 30 to 50% preventable NIs, successful prevention of a single NI could potentially reduce the length of hospital stay by 3 to 5 days and increase hospital revenue by approximately €120 to €200 per day per prevented NI. Consequently, the hospital saves 3 to 5 more bed-days to backfill and generate more revenue, and/or make more efficient resource allocation by changing bed-capacity and staffing. The resulting opportunity costs can potentially exceed €1,000 per preventable case. Conclusion: NIs pose a substantial economic burden for hospitals. From a health economics' perspective, there are strong economic incentives for hospitals to implement infection control interventions, such as the involvement of a prevention link physician/nurse. [ABSTRACT FROM AUTHOR]

The rise in global temperatures, driven by carbon dioxide emissions, has spurred the construction industry to seek carbon reduction strategies. This study evaluates the environmental benefits of using wood materials in construction by redesigning an existing reinforced concrete (RC) residential building in New Taipei City, Taiwan. Four structural combinations were developed, replacing concrete with timber and steel. Numerical simulations confirmed the feasibility of these systems, and comparisons of embodied carbon, costs, and construction periods were conducted. The proposed hybrid models, which extensively replace concrete with timber and steel for the core, reduced initial embodied carbon by 25.6% compared to the original RC building, though costs increased by 3.9 times. These findings underscore the potential of hybrid timber systems as a sustainable alternative in construction, offering significant carbon reduction benefits for Taiwan while aligning with environmental goals. [ABSTRACT FROM AUTHOR]

This article deals with the issue of the use of modern instruments for crowd control, in particular the use of a mobile closed-circuit television system connected directly to the control room during largescale events. The article has two aims: to check the usability of this type of system especially from the perspective of increasing the safety of event visitors, and to identify the optimal technical solution for crowd monitoring and management and possible obstacles for deployment in the field. The article further focuses on the practical usability of the information obtained through the mobile camera system and the control centre for increasing the safety of event visitors from the perspective of security managers. The conducted investigation identified obstacles to the deployment of a mobile camera system as well as described the optimal parameters for the use of a mobile camera system, and it collected feedback from the security team participating in the security management of the event. The results of the contribution enable easier orientation in the selection of suitable hardware and software for crowd control; Key vulnerabilities in deploying mobile CCTV systems were identified, including issues such as data transmission stability over LTE networks and the financial costs of alternative solutions like satellite connections. Based on field testing and feedback from security teams, recommendations were made to improve the system's effectiveness and adaptability, leading to more precise decision-making and proactive risk management at large-scale events. [ABSTRACT FROM AUTHOR]

This study examines the strategic choices of enterprises regarding exploitative and exploratory innovation, drawing on the ambidextrous innovation theory and using a case analysis of Ningbo Cixing Co., Ltd in China (referred to as 'Cixing' for short). The study constructs an evolutionary game model to analyse these choices from a micro perspective. The results of the study suggest that when the costs and opportunity costs associated with exploitative innovation are lower, the growth rate of innovation benefit is higher, and enterprises are more likely to adopt an exploitative innovation strategy. On the other hand, when the costs associated with exploratory innovation are lower, the success rate of innovation is higher, and enterprises are more likely to adopt an exploratory innovation strategy. The study also reveals that enterprises alternate between exploitative and exploratory innovation modes in response to changes in the external environment. This dynamic evolution shows a regular and complementary pattern of quantitative and qualitative change that promotes innovation growth. [ABSTRACT FROM AUTHOR]

This study empirically analyzes factors related to companies' profits from trading emission allowances in the European Union Emissions Trading System (EU ETS) for the period from 2005 to 2017 by combining information on trading activities with company characteristics of more than 6,000 companies. The factors considered include net position (i.e., free allocation of allowances minus emissions), strategic skills (i.e., banking of allowances, timing of trading, transaction frequency, use of intermediaries), skill-related structural factors (i.e., number of installations, sector affiliation), market pressure, year, and region effects. The results from estimating a Panel Heckman Selection Model suggest that companies' profits from buying and selling emission allowances are related to a company's net position, banking of allowances, timing of trading, and the number of installations. The findings further indicate that companies choose the number of banked allowances efficiently, that is, they take into account the opportunity costs of selling these allowances on the market. JEL Classification: Q48, Q54, Q58 [ABSTRACT FROM AUTHOR]

Background: Several organizations have proposed guidelines or clinical decision tools for the management of patients with disorders of gut‐brain interactions (DGBI) affecting the lower digestive tract including irritable bowel syndrome and chronic idiopathic constipation. Such algorithms are based on sequential therapeutic trials and modifying the treatment strategy based on efficacy and adverse events. Purpose: The aims of this review are to evaluate the evidence for efficacy of second‐ and third‐line pharmacotherapies and to assess the evidence for the alternative option to manage subgroups of patients with symptoms suggestive of lower DGBI based on diagnostic tests or documented dysfunctions. The preeminent tests to identify such subgroups that present with symptoms that overlap with lower DGBI are detailed: digital rectal examination as well as anorectal manometry and balloon expulsion for evacuation disorders, detailed measurements of colonic transit, and diagnosis of bile acid diarrhea or carbohydrate malabsorption based on biochemical measurements. The review also addresses the cost implications of screening to exclude alternative diagnoses and the costs of therapy associated with the therapeutic options following an algorithmic approach to treatment from the perspective of society, insurer, or patient. Finally, the costs of the diagnostic tests to identify actionable biomarkers and the evidence of efficacy of individualized therapy based on formal diagnosis or documentation of abnormal functions are detailed in the review. [ABSTRACT FROM AUTHOR]

Background: People's time is a finite resource and a valuable input that ought to be considered in economic evaluations taking a broad, societal perspective. Yet, evaluations of interventions focusing on children and young people (CYP) rarely account for the opportunity cost of time in this population. As a key reason for this, health economists have pointed to uncertainty around when it is appropriate to include CYP time-related costs in an economic evaluation and highlighted the lack of clear guidance on the topic. Methods: With this in mind, we carried out a Delphi study to establish a list of relevant considerations for researchers to utilise whilst making decisions about whether and when to include CYP time in their economic evaluations. Delphi panellists were asked to propose and rate a set of possible considerations and provide additional thoughts on their ratings. Ratings were summarised using descriptive statistics, and text comments were interrogated through thematic analysis. Findings: A total of 73 panellists across 16 countries completed both rounds of a two-round Delphi study. Panellists' ratings showed that, when thinking about whether to include displaced CYP time in an economic evaluation, it is very important to consider whether: (1) inclusion would be in line with specified perspective(s) (median score: 9), (2) CYP's time may already be accounted for in other parts of the evaluation (median score: 8), (3) the amount of forgone time is substantial, either in absolute or relative terms (median score: 7) and (4) inclusion of CYP's time costs would be of interest to decision-makers (median score: 7). Respondents thought that considerations such as (1) whether inclusion would be of interest to the research community (median score: 6), (2) whether CYP's time displaced by receiving treatment is 'school' or 'play' time (median score: 5), and (3) whether CYP's are old enough for their time to be considered valuable (median score: 5) are moderately important. A range of views was offered to support beliefs and ratings, many of which were underpinned by compelling normative questions. [ABSTRACT FROM AUTHOR]

When making decisions about resource use, social species must integrate not only environmental factors but also the influence of opportunities and costs associated with group living. Bigger groups are expected to move further and to need access to larger areas for adequate food acquisition, but the relationships with group size can vary seasonally and with reproductive stage. Shelters are often more consistent in availability than food, but their use relates to factors such as predator defense and parasite transmission that are themselves influenced by group size and seasonality. Here, we used long-term data to investigate resource use and associated movement in a wild population of dwarf mongooses (Helogale parvula). We found that bigger groups occupied larger home ranges, moved larger daily distances and covered more daily area than smaller ones, while environmental greenness (measured by normalized difference vegetation index [NDVI]) influenced daily movements in the breeding season but not the non-breeding season. Both assessed axes of seasonality also had pronounced effects on shelter use: mongoose groups used more unique sleeping burrows, and switched between burrows more often, in the breeding season, but also switched more when environmental greenness was higher. By investigating specific periods within the breeding season, we revealed the constraints that vulnerable, poorly mobile offspring impose on both group movements and burrow use, highlighting a potentially overlooked cost of reproduction. Our results show how both social and environmental factors can affect key resource-use decisions, demonstrating potential costs and benefits to group living within distinctly seasonal geographic areas. [ABSTRACT FROM AUTHOR]

Background: There is increasing concern regarding the lack of physicians and underresourcing of the medical system in Canada. The training of orthopedic surgeons has emerged as an area of particular concern. The purpose of this study was to gain insight into the outcomes of graduates of orthopedic surgery residency programs in Ontario in the last 30 years. Methods: We invited graduates of orthopedic surgery residency programs in Ontario from 1992 to 2020 to participate in our survey regarding their practice patterns and career choices. Participants were asked whether they believed their residency had prepared them for independent practice and were asked about their practice patterns after graduation, including whether they completed fellowships. Results: A total of 618 graduates met the inclusion criteria. We had a response rate of 40.9% (n = 253). A total of 62.8% of participants reported feeling ready to enter independent practice, which was less than the 80% expected threshold. This proportion varied by program and, overall, those who had graduated more recently reported feeling less ready. Nearly all participants had completed at least 1 fellowship, with most trainees having completed 2 fellowships. Earlier graduates were less likely to complete 2 or more fellowships. Completing a fellowship did not help with comfort in practice nor with earlier employment. Most respondents reported that their current surgical skills were primarily influenced by fellowship training, regardless of comfort level in entering practice directly out of residency. Conclusion: A substantial proportion of orthopedic graduates reported not feeling comfortable entering practice directly out of residency, with only 62.8% of participants reporting feeling ready for independent practice after graduation. Furtermore, graduates are incurring a significant opportunity cost completing 1 or often 2 fellowships. These findings necessitate an appraisal of our goals in residency education. [ABSTRACT FROM AUTHOR]

Introduction and Hypothesis: Sacrocolpopexy (SCP) is an established surgical procedure for apical vaginal vault prolapse. There remains significant variation amongst surgeons in both the surgical steps and concomitant surgeries utilised when undertaking an SCP. Methods: This review article is aimed at summarising the evidence and providing a detailed update of SCP in modern practice, reviewing contemporary evidence behind its indications, efficacy, outcomes, surgical steps, and complications. Results: Sacrocolpopexy remains the gold standard for post-hysterectomy apical prolapse based on good long-term outcomes, patient satisfaction and low complication rates. SCP with concomitant total hysterectomy is not recommended owing to high rates of mesh exposure. The laparoscopic approach remains the preferred option in terms of low morbidity, quicker recovery and lower cost than alternative access options. For optimal outcomes an SCP should be performed with monofilament mesh, using absorbable sutures and with a paravaginal repair for cystocele. Conclusions: Although SCP has become increasingly utilised for apical prolapse, its established efficacy regarding anatomical outcomes, patient satisfaction, and complications is in the context of post-hysterectomy prolapse. SCP with concomitant total hysterectomy has higher rates of mesh exposure. The efficacy and safety of SCP with sub-total hysterectomy or hysteropexy have not been clearly established and require further assessment through well-designed, rigorous randomised controlled trials. [ABSTRACT FROM AUTHOR]

This paper studies how the transmission of information from a biased expert to a decision maker is affected when the latter has access to an unbiased symmetric private signal. The extra information has two distinct effects on the expert's incentives to communicate. First, there is an information effect that allows the decision maker to choose a better action on expectation. This reduces the implicit cost of transmitting coarse messages and hence hampers communication. Second, there is a risk effect that arises because the extra information introduces uncertainty to the expert. For risk averse experts, this effect increases the cost of sending coarse messages and hence favours communication. I show that the information effect dominates the risk effect, and for any symmetric signal structure there are always sufficiently biased experts for which communication is no longer possible in equilibrium. Moreover, for any bias of the expert, no communication is possible if the signal structure is sufficiently precise. For the uniform signal structure I show that communication decreases with the precision of the signal. Finally, I provide non degenerate examples for which the decision maker's private information cannot make up for the loss of communication implying that the welfare of both agents decreases. [ABSTRACT FROM AUTHOR]

The banana is very popular globally for its flavour, nutrition, and economic value. However, slow regeneration from suckers, and diseases, there is shortfall of clean planting materials. Though, the in vitro micropropagation is effective for rapid production of planting materials, but due to high cost, the small-scale poor farmers unable to afford. The macropropagation technique offers an alternative and cost effective way to produce planting materials. This study present a simple, efficient and cost efficient macropropagation protocol of banana for formulation of effective potting mix. The experimental design was based on different corm/pseudostem splitting technique and different combinations of potting mix substrata. The overall optimum response in macropropagation techniques was found in PIF (T 3) and Split corm + PIF method (T 5) and Forest soil (P 3) and Saw dust + Sand (P 5). For the study banana cultivar Grand Nain (G9) was taken as a model plant. The regenerated plantlets was assessed for genetic stability using two markers i.e., RAPD and SCoT and found that the regenerates were 97.37–100 % genetically stable. Protocol developed is simple, reproducible, cost effective and sustainable and can be followed by the unskilled farmers. Though, in this study the G9 cultivar was used as model, the technique can be effectively used for other banana cultivars. [Display omitted] • Formulation of organic potting mix for macropropagation of banana using G9 cultivar as model. • Optimized the corms splitting technique for efficient shoot regeneration. • The unskilled farmers can follow the protocol and produced their clonal planting materials for small to medium-scale farming. • Regenerates establishes easily in the cultivation plot. • Genetic stability assessments indicate 97.37–100 % genetically stable regenerated plantlets. [ABSTRACT FROM AUTHOR]