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A growing number of studies quantify the impact of nonlethal human disturbance on the behavior and reproductive success of animals. Athough many are well designed and analytically sophisticated, most lack a theoretical framework for making predictions and for understanding why particular responses occur. Behavioral ecologists have recently begun to fill this theoretical vacuum by applying economic models of antipredator behavior to disturbance studies. In this emerging paradigm, predation and nonlethal disturbance stimuli create similar trade-offs between avoiding perceived risk and other fitness-enhancing activities, such as feeding, parental care, or mating. A vast literature supports the hypothesis that antipredator behavior has a cost to other activities, and that this trade-off is optimized when investment in antipredator behavior tracks short-term changes in predation risk. Prey have evolved antipredator responses to generalized threatening stimuli, such as loud noises and rapidly approaching objects. Thus, when encountering disturbance stimuli ranging from the dramatic, low-flying helicopter to the quiet wildlife photographer, animal responses are likely to follow the same economic principles used by prey encountering predators. Some authors have argued that, similar to predation risk, disturbance stimuli can indirectly affect fitness and population dynamics via the energetic and lost opportunity costs of risk avoidance. We elaborate on this argument by discussing why, from an evolutionary perspective, disturbance stimuli should be analogous to predation risk. We then consider disturbance effects on the behavior of individuals - vigilance, fleeing, habitat selection, mating displays, and parental investment - as well as indirect effects on populations and communities. A wider application of predation risk theory to disturbance studies should increase the generality of predictions and make mitigation more effective without over-regulating human activities.