Opportunity cost is a core, defining concept of economic science. The early Austrian economists are generally credited with the discovery of the concept and its early application. Here, it is shown that Richard Cantillon, the father of economic theory and method, developed and applied the concept of opportunity cost. His “intrinsic value” was not an objective cost approach, but merely an attemp...

empirical studies show that there is stronger dependency between large losses than large profit in financial market, which undermine the performance of using symmetric distribution for modeling these asymmetric. that is why the assuming normal joint distribution of returns is not suitable because of considering the linier dependence, and can be lead to inappropriate estimate of var. copula theo...

We present new estimates of the effect that obtaining legal immigration status has upon the wages of undocumented workers. In estimating the effect of legalization upon wages, we face a number of econometric challenges. First, through the use of rich panel data, we are able to control for the fact that individuals with higher time invariant unobserved ability, which will raise earnings regardle...

most regions of iran are confronted with inadequate supply and excessive demand of water in agriculture sector mainly resulting from a high difference between water providing cost and its price. coping with such a challenge needs to determine the water price based on the economic principles and its value in agricultural production. the aim of this study was to determine the economic value of th...