A branching random motion on a line, with abrupt changes of direction, is studied. The branching mechanism, being independient of random motion, and intensities of reverses are defined by a particle's current direction. A soluton of a certain hyperbolic system of coupled non-linear equations...

In this paper we overcome a lacks of Black-Scholes model, i.e. the infinite propagation velocity, the infinitely large asset prices etc. The proposed model is based on the telegraph process with jumps. The option price formula is derived.

In this paper we develop a financial market model based on continuous time random motions with alternating constant velocities and with jumps occurrng when the velocity switches. If jump directions are in the certain correspondence with the velocity directions of the underlyig random motion with...

This document tries to schematize the basic concepts studied in the economic theory to evaluate life conditions of people. We show the different approaches of the old and new welfare economics and we conclude that the economic theory has arrived at a concept of welfare and justice extensively...

En este documento se quiere demostrar que una teoría que pretenda fundamentar la política social que no permita las comparaciones interpersonales es inadecuada. Por esta razón, el punto de partida es una crítica a la economía normativa neoclásica. Esta crítica consiste, en últimas, en...

An exploratory evaluation of the potential impact of the Free Trade Area of the Americas on the Andean Community is performed through a simulation using GTAP. Hosted by Purdue University, GTAP is a multi-region, applied general equilibrium model widely used to analyze global economic issues. The...

This paper examines the theory of civil war and conflict resolution to answer the question, why peace processes fail or move forward? I will look at peace processes in Colombia in the last five years when negotiation started and then broke with the Revolutionary Armed Forces of Colombia –FARC-...

We investigate the inflation rate in Colombia in terms of excess money, excess demand, deviations from PPP, and wage inflation. In contrast to previous results for a group of industrial economias, we find that domestic factors are a far more powerful influence on inflation than are external...

This paper analyzes the main features and historical factors that played a central role for the industrialization process in Colombia during the twentieth century. The document surveys the legislation and policy instruments used in the programs of import substitution industrialization,...

El documento hace una revisión de las principales fuentes de protección social que hay en Colombia y las características de los sistemas de protección de otros países. Se encuentra que gran parte de lo que se conoce como gasto social se destina al tema pensional y que los resultados de los...